If you've sold by auction before, you'll be familiar with the process, but if you haven't, you may be unsure about what to expect. Read on for a better understanding of the auction process that will deliver you peace of mind.
Your agent will have chosen auction as a good fit for your property based on several factors including the current market, type of property, potential purchasers and the price positioning. It's worth following their recommendation because it's their experience in sales and understanding of the market that will have determined this decision, which they've made to deliver you the best sales result.
The marketing strategy, such as online and social media marketing, flyers or brochures focuses on advertising the schedule of open homes, and the nominated auction day, which is generally 4-6 weeks after the first open home. At this stage, the sales strategy will focus on driving interested buyers to attend auction day, ready to make an offer and compete with other bids. By the time auction day comes around, your agent will have a realistic expectation of the number of bidders who may attend. During this stage, you will agree on a 'reserve price,' which is the lowest bid you would accept on auction day.
Today is the day you've been waiting for and where an experienced auctioneer is invaluable. Your auctioneer will control the auction process. Upfront they'll ensure bidders are registered to make an offer. During the auction event, they'll use their skill to read the crowd and create energy to motivate bids and will also oversee that the process is a concise and legal one. If there's an auction result, congratulations! Your auctioneer will manage the next stage of the sales transaction. If there's no auction result, your property will be formally 'passed in,' allowing it to continue to be on sale after the auction. Generally, following the auction, there's the chance to compile the valuable contact information collected on the day, that may allow continued dialogue with likely buyers leading to further negotiations.
So sit back, let your Auctioneer do the work and good luck!