Top Ingredients for Cooking Up Auction Success!
Anybody that has watched a competitive cooking show on tv knows that using quality ingredients can be the difference between creating a winning dish and falling by the wayside. It is drilled into us by the judges and the mentors throughout the process, that fresh, high-quality ingredients are the secret to any master chef! But did you know that same concept applies to cooking up auction success? Humour me and let me elaborate. Auction success is derived from a strict recipe that is executed by chef level expertise, knowing when and how to add the high-quality ingredients, topped off with some tender loving care.
The first integral ingredient is market knowledge. Without knowledge as to recent sales, future infrastructure development and potential for the area it is impossible to provide guidance to the sellers or manage their price expectations, while buyers remain left in the dark if you are unable to educate them regarding values and where they need to be to compete for the property.
Secondly, you need a deadline. Similarly, to knowing how long to cook your ingredients, you need to know the duration of your campaign to effectively extract buyer interest, while assisting buyers to get into a position to bid come auction day. An auction campaign commonly runs for four weeks, however in active markets, three weeks are sufficient. During this time, the recipe for success is to work with buyers and remove as many objections or conditions that may be standing between you and that unconditional contract as the hammer falls.
Finally, the most important ingredient to cook up auction success is competition. Creating a feeling of urgency and pinning buyer against buyer in the auction arena is the ultimate ingredient in driving your sale price upward. To stop an auction falling flat, you must raise the temperature, creating a pressure cooker environment, that combined with a little healthy competition between confident buyers will result in an auction that is cooked to perfection!
By following a strict auction recipe that includes these three key ingredients you can be sure to be on your way to cooking up auction success. To improve your skills further and make sure you know how to execute this recipe effectively, book into one of our training sessions where we can show you in more detail how to manage these high-quality ingredients so you can serve up results that everyone will be happy with on auction day!
