3X Your Selling Opportunity!
Insights into why auction strategies lead the way by David Holmes…
As a leading auctioneer an exciting and valuable part of my role is to work with my clients and to train them on the features and benefits of auction. I find myself effortlessly and confidently rattling off my top six reasons why auctions work, including they generate a quick sale, they provide a transparent process with an unconditional sale, they offer sellers protection while stimulating buyer competition and ultimately give everyone a set timeframe to acquire the knowledge around market values and demand so they buyers and sellers alike can make quality decisions on auction day. One key feature of auctions that is often overlooked however is the mere fact that they give you the agent, 3X your opportunity to sell... and sell well.
An auction campaign does not have to be exclusively driven to a result on auction day, instead it gives you three opportunities to negotiate a sale. Firstly, the pre-auction sale which is a great by-product of a strong auction campaign where buyer excitement reaches a pinnacle before the auctioneer even arrives. This sale requires a dedicated agent to engage with interested buyers and equip them with the knowledge surrounding the value of the property and ultimately negotiate a deal that is too good to refuse. While I don’t encourage agents approach an auction with the strategy to sell prior, I do suggest that a quality agent can secure a deal that shouldn’t be left to chance by running out the auction process in its entirety.
Secondly, the sale under the hammer. We love a good buyer battle in the auction arena that climaxes with a chance to knock down the hammer leaving everyone with a solid rush of adrenalin. The auction stage is a chance to pin buyer against buyer and work the room to achieve a spectacular result for the seller. The purpose is to run a strong, clean campaign that brings out the punters on auction day to try their luck against the competition and be the strongest bidder to win the property. Again, refer back to my six reasons why this process works and why it is a great benefit to your seller and why we can’t go past an auction sale.
Finally, if you have presented a property to the market for auction and it was passed in on the day, you now have an excellent chance to negotiate with qualified buyers that are ready to put a deal together. Commonly, we find sales happen within the first 7 to 14 days post auction, meaning your time on market is still low and your sale price is based on a transparent knowledge of demand and where the market sees value for the property. The post auction negotiations also open up the opportunity for buyers with conditions to throw their hat in the ring and outbid cash only buyers which means more competition for the subject property.
All in all, there are so many reasons why an auction campaign can deliver superior results to a private treaty and we are here to help educate and support you in discovering how auction can change your business. We want to work with you to help you reduce your days on market, open up your prospecting opportunities and continue achieve market leading sales results. Contact us today if you would like to book in an auction training session or even discuss the process and how Holmes Auctions can support you at a level above and beyond the competition.