Sale by Auction gives you the seller, a cash, unconditional contract and a settlement date to suit you.
Auction is the most effective single strategy to market your property because:
* You advertise your property without a price and listen to offers with the possibility of exceeding the anticipated price;
* The period leading up to the Auction will usually give the seller an indication of the true value of the property from offers made;
* It provides three selling opportunities:
1) You as the seller can accept offers on your property prior to Auction – you do not necessarily have to wait until the Auction to accept an offer
2) The property may sell at Auction
3) The property may sell in the period immediately after the Auction at a listed price
* Public Auctions are particularly useful where a property is unusual, hard to value or with special value to a particular purchaser as the Auction process will set the market value for your property;
* Purchasers do not know what price the Vendor will sell for and if there is competition from several purchasers, it may be possible for a price to be achieved in excess of what you may have been expected by Private Treaty (conventional sale process);
* A time is set on negotation ie. the auction date;
* The result is decisive;
* Purchasers do not have opportunity to procrastinate or back out possibly after interminable negotiations or after advice from ill-informed advisers;
* The property is sold on the fall of the hammer or prior to Auction.
* There is equal opportunity for all interested parties to bid;
* It puts more pressure on buyers to register their interest;
* Auctioning is the most intensive marketing program
* Auction achieves a quick sale, which is unconditional in relation to finance, building and pest reports etc. and suits the purpose of achieving a quick sale at a realistic price. At the sellers discretion the Auction may be conducted such that any bid is subject to finance but in this case bidders would be requested to supply a letter from the financial institution of their choice advising that finance is in principal approved.
Auction Statistics 2006/2007
1. 40% sold prior to Auction
2. 10% sold under the hammer at Auction
3. 40% sold just after the Auction
4. 10% withdrawn from market or unsold
(most of the unsold properties had substantial offers but were below what the vendors were expecting)
SELLING AT AUCTION GIVES YOU MORE CONTROL
Set the Auction date
Set the settlement date
Set the reserve price
We encourage competitive bidding at the Auction to achieve the highest price for you.