Useful Auction Documents
WHY CHOOSEAUCTION TO SELL YOUR PROPERTY
10 reasons why you should sell by Auction
Properties that go to Auction sell in a shorter time frame, for the highest possible price
- A high intensity marketing campaign is conducted over a 3-4 week time frame as opposed to a 12 week marketing plan – This puts the property on a pedestal above other properties and delivers maximum exposure in the first few weeks on the market – the time frame during which a property is most likely to sell.
- You take price out of the equation – Limiting the property to a certain price range also limits the amount of buyers you appeal to. Removing price allows you to attract a wider range of buyers – more buyers leads to more competition. Also when you advertise a price buyer immediately start discounting and make an offer below your asking price. You have to negotiate down to meet them. Without a price buyers start looking at a property on its merits and price negotiations move upwards.
- Control – In every other form of marketing that is available the buyer is in control, not the seller. The buyer will dictate the terms of the contract (eg. subject to finance, subject to sale, subject to a building inspection). The buyer negotiates from a position of strength. When you sell by Auction you set the settlement date, the terms and conditions and the reserve price. You control the process.
- You get a cash unconditional contract – If the property sells before Auction or on Auction Day.
- Auction creates a sense of urgency which motivates buyers to make a decision on or before Auction day.
- You have 3 opportunities to sell with 3 competitive environments: Before Auction – Buyers can make offers prior to Auction to avoid competition on Auction Day or if they cannot attend. Auction Day – Multiple bidders compete in cash unconditional environment, forcing the price upwards. After Auction – Conditional buyers eg. Subject to sale, subject to finance or cash buyers can now compete for the property.
- Auction Day negotiations are conducted in an ethical and transparent environment. Buyers can see what other buyers are offering and have a chance to better their bid.
- The seller is able to bid through the auctioneer to keep the price moving upwards (Vendor Bidding) providing the Vendor bids are disclosed and a good auctioneer can squeeze every last dollar out of the negotiations.
- The Auction process will bring you the highest price the market is prepared to pay – This will occur whether the sale takes place before the Auction, on the day, or afterwards.
- Properties sold at Auction are generally on the market for fewer days than those sold using other methods.
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What is an Auction?
Auction is a process which allows interested buyers to make competitive bids or offers which creates multiple competitive environments ensuring the highest the market is prepared to pay, in an open, transparent and public environment, under the guidance of a skilled agent and auctioneer.
Disclaimer: Some information contained within this document is based on opinion and the recipient should not rely on this information but rather do their own due diligence prior to making a decision.
Why Auction real estate?
Real estate Auctions have become one of the most popular methods of buying and selling property in Australia, with substantial advantages for both the buyer and seller. Auction is not limited to elite properties, it has been proven to suit any type of property. Through competitive bidding, Auction has been shown to be the best method of establishing the highest the market is prepared to pay for a property. Committed sellers use Auction to sell their property!