As an auctioneer I’m often asked how the reserve price is set. A common misconception is that it’s a bit of guess work “I think we can get $720,000 for it”, or even that it’s based on what the seller wants – “ I want to get $650,000 for the house and I want an […]
When it comes to auctions one of people’s greatest fears is that their property won’t sell, but not selling under the hammer doesn’t mean the auction is a failure. The market place tends to worry about properties being passed in, but this is really just another stage of the auction process. An auction aims to […]
“Why do buyers want to see a price? So that they know what they don’t have to pay!” Leading New Zealand auctioneer Phil McGoldrick made this statement at our recent Auction Boom seminar and it certainly had an impact. It is a very confronting comment, but it’s very true Think about it, as a buyer, […]
One of the questions at our recent Auction Boom seminar was “what if there is only one bidder?” I believe this isn’t an issue and can still work in the favour of both the seller and the buyer. At an auction you often have two competitive environments. The first occurs with bidders who have the […]
I recently called an auction where two potential bidders wanted to vary the deposit conditions. The conditions asked for a $100,000 deposit. One buyer wanted to pay $10,000 immediately if they were the successful bidder and pay the remaining $90,000 later that day. The other wanted to pay $50,000 on the spot and $50,000 on […]