To Auction or Not to Auction?
Selling privately doesn’t limit you if you want to sell by auction.
If you’re sitting on the fence on whether to sell by auction, there are a few things you should consider before making a decision. These include your motives for selling, your time constraints, if any, and whether auctions work well in your suburb. Before we get into weighing up the pros and cons of auctions, let’s take a closer look at how they work.
What’s involved in the process of going to Auction?
The process of selling by auction is quite straightforward. Once you appoint your professional auctioneer, you’ll need to choose your auction date. It’s best to give yourself enough time to prepare your property and advertise it effectively. Since most people are 9-5 workers, consider hosting your auction on the weekend – Saturdays tend to work best.
Next, you’ll need to spread the word. Traditionally, auction campaigns last 4-6 weeks, giving you ample opportunity to create a buzz. Don’t be afraid to get creative and use a variety of advertising streams (online listings, brochures, newspaper ads, mailbox drops etc.) Remember, when selling privately, you have total control to do this your way, so don’t shy away from thinking big.
You will need to create your contract of sale. Work with your auctioneer and conveyancer of choice to complete all required documentation in advance.
When the big day comes around, you’ll host one last inspection before the auction begins. Remember, how you present your home on auction day can have quite the influence on buyers. Auction day is the day to go above and beyond but it doesn’t have to cost a fortune.
Before your auction finally ensues, you’ll reveal your reserve price to the auctioneer. Their expertise will drive buyers past your reserve to the best possible sale outcome. Once you hear “going, going, gone!” everything will be said and done.