Auctions are highly focused marketing campaigns designed to expose your property to the maximum number of buyers, maximise your sale price and minimise the number of days your property is on the market.
Your property is put up for sale on a specified date and this is preceded by a high impact marketing campaign and selected ‘open days’ all of which indicate your commitment to selling.
- Auctions are a well-established and proven practice for selling real estate
- Potential buyers are in one place at one time with a strong desire to purchase on the day
- Competitive bidding means there is no price barrier
- A definite unconditional sale is made under the hammer, assuming the reserve price is reached
- A set date of sale encourages potential buyers to act quickly
- You have the right to set the reserve price, below which the auctioneer is not permitted to sell, this gives you greater control
- By running an extensive marketing campaign, you have more opportunity to achieve the best possible sale price in the market
At the conclusion of a successful auction, the purchaser is required to pay 10% deposit and the unconditional contract of sale must be executed. The purchaser is then locked into the purchase of your property.
The benefits of an auction are:
- Deadline – set marketing time
- No price limitation
- Firm sale on Auction day – no ‘cooling-off’ period
- Extensive marketing to attract more buyers
- Competition created between buyers
- Unconditional cash sale
- 10% deposit at the fall of the hammer
- Potential to achieve above market value