Selling At Auction
- The seller sets the terms and conditions of sale and creates a deadline (the date that the auction is to be held).
- This auction-oriented target marketing puts a 'spotlight' on the property and shows the vendors motivation to sell.
- The 'no price' aspect will attract more genuinely interested, cash-in-hand buyers.
- It allows sellers to plan ahead in the knowledge that a specific date has been set for the sale of the property.
- A sale by auction is unconditional and allows the transaction to proceed to settlement without delays.
- A sense of urgency is created by the set deadline, bringing interested buyers to a point of decision.
- The property is neither overpriced nor undersold; its value is determined by the market, in the form of bids or offers.
- A successful purchase requires a payment of a deposit on the day of auction.
- Market feedback will assist the seller to decide on a reserve price, whilst still allowing for the possibility of achieving a premium through buyer competition.
- Auctions provide a transparent arena where buyers compete against other public offers, taking away the guesswork.
- The seller always has the option to accept an offer prior to auction, if a desirable offer is received.
- Prospective buyers will be focused on establishing the maximum price they will pay, not how little they should offer.
- A premium sale price can be achieved when multiple interested parties compete against each other to secure the property, through bidding.
- The seller controls the terms of sale and can choose to allow variations to the date of settlement or deposit amount required.
- If the property is passed-in, it will be released to the market as an exclusive listing at a saleable price, which will be established from the market feedback received throughout the auction campaign.