The excitement and sport of an auction leverages the competitive nature of buyers, and when combined with emotional engagement marketing, has the potential to deliver results that exceed seller expectations.
Choosing auctioning as your selling method is an exciting process for a buyer, and just like any other selling method, it has steps to be followed to get maximum results. Check out our tops tips for preparing for an auction.
Finding the right auctioneer
Working with your real estate representative, you will be able to decide on the best process for your auction. A big part of that will be decide who your auctioneer should be. It is important to do your research and make sure you are comfortable with your choice. Looking for someone who will relate to the potential buyers and deliver confidence throughout the process to all parties.
Price setting
The most obvious benefit of an auction is that the seller reduces the risk of under selling and may even end up with a much higher price than what was set as the reserve. Once again, researching your situation will be the start of deciding your price. Work with your agent to decide the price expectation range, while remaining realistic to the market conditions. Getting real market feedback to assess the level of interest in the lead up to the auction and building engagement will be an important consideration.
Set the scene
When looking for a premium result on an established property styling your property for the auction is a very important aspect of getting it ready for sale. This is an important step prior to photography and video marketing, as well as on the day of the auction. Setting it up to look its absolute best will create emotional connections between the home and potential buyers.
Marketing for more
A marketing campaign for an auction is very important so that as many potential buyers are as aware as possible of the property and the auction date. This is one of the most exciting parts of the sale process and share with your representative as to how you would also like your property to be marketed and taken on board their experience and expertise. A combination of press, print and digital marketing is recommended to ensure the best buyer reach.
Choose your stage
When prepping for your auction to take place, it is important to find an area that will be a suitable spot. Factor in room for people to stand, room for the auctioneer to be able to do their job. In room auctions conducted off site may also be appropriate for development sites, commercial properties, or regional properties. So that the most interested parties possible can attend.
Dry run
The auction process can be challenging for some sellers as it is not something you do every day. It is crucial to run through the on-the-day process with your agent and your auctioneer. Be clear in the order of the day and ask any and all questions that you may need to know prior.
Use the phone and the internet
Working with a team that is experienced with telephone and online bidders taking part in the auction and has the tools to allow this to occur in place making sure that no one interested in the property misses out on bidding.
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