It is Auction week here at iThink and we are looking forward to another successful event under the stars. Over the last few months we have sold x properties through the auction method and We strongly believe in the auction process; it brings all potential buyers out of the woodwork and generally results in a quicker, less complicated sales process.
THE PROS OF AUCTION
- They are held at a certain time and a certain place
- They create competition
- They create urgency
- There are set terms
- There are three opportunities to sell your property: The first is prior to the auction, provided you are presented with a favourable offer. Secondly, under the hammer and finally, you have the opportunity to sell your property post auction.
OUR 4 WEEK PROCESS
Prior to Week One
Your agent will check in with you and organise the professional property photos to be taken and the Auction stock board to be installed. They will also run you through the auction process, talk past auction stats and devise a plan of attack for your property.
Your property will be launched and advertised on various online real estate portals. This includes:
- Premiere Listing on Realestate.com.au
- Premium Plus listing on Domain.com.au
- Listing on other sites such as on the house and homely.
Your agent will also launch your 4 week social media and Facebook campaign, in an attempt to reach a wider audience (such as out of town buyers, investors, passive buyers and active buyers).
Week One – Three
Your agent will schedule weekly open for inspection times to show off your property and liaise with potential bidders/buyers. They will also provide you with weekly reports and feedback on the price and the market. This will help give you an idea of how buyers perceive your property price wise and it can also help you determine a reserve price. The agent will also continue to use tools such as direct marketing and social media boosting to create more hype around the auction and gain some wider exposure.
Week Four – AUCTION WEEK
During this week you will meet with your agent to set the reserve. Setting a reserve is extremely important and requires a bit of thought. You will want to consider the market feedback before determining what price you would like to achieve. Is your price realistic? or will it leave you setting a list price post auction? During this final week, your agent will also host any extra last minute inspections and prepare you and our property for the in-room auction.
AUCTION NIGHT – You are more than welcome to come along and see your property go under the hammer. Our in-room Auctions are always such a great event and they tend to draw a bit of a crowd. On this night your property will go under the hammer alongside a couple of other properties. Your agent will communicate with you throughout the auction and hopefully, the bids surpass the reserve and you sell under the hammer.
IF YOUR PROPERTY IS PASSED IN
If the bids do not surpass the reserve you have a couple of options. Most of our vendors go straight into negotiation with those who have attended the auction and made a bid. Sometimes there are conditions that stop these bidders from going any further in the auction, so in this case, you may still achieve a contract on auction night (conditional). If you decide not to take the highest offer or to go into further negotiations with the interested parties you can place a list price on your property. In this case, the auction feedback may help you determine a price that the market sees the value.