Many people when they first think of an AUCTION it is an event that could be perceived as high risk. It is a very public, very exposed, an activity that to the average private person is quite daunting. A bit like when the old circus comes to town with all the bells & whistles.
So for the sellers that don’t like all this hype & promotion it probably is not something that would sit comfortably with those owners.
However, sellers & buyers have been doing this kind of public dealing for centuries (since 500BC). So really it is one of the oldest ways of negotiating a purchase & doing a deal in public.
For the owner who wants some action, a dynamic campaign, short & specific time frame. Also a real push for an outcome with a price offered in the ball park of what they realistically want. It becomes all things in sales & marketing for real estate wrapped up in one. With a “Set Date Sale” combined with “Expressions of Interest” building to an outcome of a public test by the market on “bids”.
If the seller is not getting enough love from the buying market it will be “handed in” which is not an issue because the sale process will revisit the price point with a range. A Private Treaty will be negotiated with either the buyers who have shown interest or invite buyers who did not attend the AUCTION to make an offer.
The process or campaign actually covers all aspects of property sales & marketing. This would probably be at worst a 45 days process. If the property does not sell by the end of this time a few questions need to be asked of why & how come. It would become obvious the price & value of the property to buyers is too high & not seen as a good investment.
It does hinge on the agent, company, campaign & auctioneer who really can make a difference. But if it does not have an outcome usually the expectations of the seller are not realistic.
Given a 90% plus clearance rate of AUCTIONS, it is curious that in WA the agents & public do not support this sales method. The agents rarely offer the service & the public certainly do not request it. The interesting thing is it puts pressure in the sales agents to perform with a campaign, a measurable investment of Vendor Paid Advertising, creates a working schedule, the buyers to deadline, and an open forum to purchase with a real live outcome or indication of interest. A large number of AUCTIONS are also sold prior with realistic sellers.
So it is very curious as to the limited interest in this age old way of selling.
Melbourne or Sydney has up to 1000 AUCTIONS a WEEK!
Perth WA would not be that in a year.
Yes, I know WA have less population & property sales, but this shows the confidence in Australia for AUCTIONS.
Let’s also no forget that an auction fully discloses the property to buyers, is totally transparent, has qualified buyers with pre-approved finance & immediate outcomes. No waiting for finance formal approval up to 28 days with a possibility of falling over.
That makes any AUCTION not only a special event in a suburb, but a stand out clean sale for any seller.
If you wish to discover what an AUCTION could do for your property there really is not sale that could not benefit from a live AUCTION.
Dean Mitchell – 0413122633
Certified Auction Marketeer & Manager
P.s…Fees are negotiable & you will be surprised.!