Choosing the right auctioneer makes for a smooth auction day
Auction day on The Block is fascinating! Drama, excitement, backstage meetings and bidding wars. But one thing that stands out above all else is how different in style each of the auctioneers is! Some are encouraging and energising, some are more, let's say assertive, but they all have their own style. When it comes to choosing your auctioneer, here are some tips to choosing the right person to front your sale and help make a success of auction day for your property.
Key to your auctioneer's success:
- Understanding the current property market ensures they know the way purchasers are thinking and their expectations around pricing.
- Knowledge of the local area in which you're selling your property ensures they're aware of comparable sales in the area for properties similar to your own. They need to know what has sold, where, when and for how much.
- Experience. The longer an auctioneer has been in the property industry, and the more auctions they've held gives them more experience in the subtleties of the auction process, which leads to the next point.
- The ability to 'read the room'. That is, gauge the bidders motivations, desires, limitations and how all the bidders relate to each other during the bidding process. This is a critical skill, and a good auctioneer will know how to make bidders comfortable, energise the bidding, generate competition and encourage the highest sales price.
- An understanding of the legalities involved with the auction process. From registering bidders, ensuring the bidding process is transparent and legal, and their contractual knowledge, there's more to an auctioneers role than just accepting bids.
If they're a member of a professional organisation or association, this can signify a commitment to ongoing professional personal development and support of the auctioneering industry. If they've received an Award from their industry peers, it's also a positive sign.
Finally, like most decisions that involve working with people, if the auctioneer you're considering makes you feel comfortable and is relatable and relaxed, then a good relationship built on trust and open communication is always a winner.