Our Top 5 Auction Bonus Benefits
If you are a switched on agent in the industry, you will already understand the undeniable benefits that come from executing an auction strategy. Firstly, an auction will expediate the sale, giving a distinct start, middle and end for the campaign with the finale culminating in a winning result. The auction process is transparent, giving sellers the confidence to make the best decision on auction day. Auctions deliver unconditional sales, which in a changing market are worth their weight in gold. No need to worry about building and pest hurdles or finance hiccups, instead sign and proceed to settlement. The process offers protection, the seller locks in a reserve price and is able to pivot and adjust on the day, with full security in the reserve set process. Undoubtably auctions breed an air of competition, from the moment the property hits the market to the conclusion, buyer urgency is at all an time high and when the auctioneer enters the auction arena, pulses race and only the best bidder wins. Finally, auctions are exceptional in gathering knowledge, so even if the hammer doesn’t fall on a winning bid on auction day, the agent, the buyers and the seller are all equipped with concise market knowledge making the negotiations easier post auction, ending in a result normally within seven days.
Today, we take a look at the other ‘bonus benefits’ of a well-run auction campaign, concepts that are underrated and often overlooked but all of which have serious impact on an agent’s long-term success, particularly in a changing market. We are going to breakdown our Top 5 Auction Bonus Benefits, which should give you even more motivation to pitch that auction and book in this incredible strategy for your next property campaign.
First and probably most recognised, auctions create listings. A private treaty campaign simply cannot intrigue and excite the entire local neighbourhood like an auction can. During an auction campaign, agents will meet most of the local property owners that have selling on their radar. They will visit the open home, check out the marketing and ask some curious questions about price expectations, all the while considering their own properties worth. Come auction day, the neighbours meet on the street, beer in hand, ready to see just what happens as the auction is called. It is this opportunity to showcase market knowledge, professionalism, skill and results that only auction can offer. Remember, auctions breed listings!
Secondly, auctions are an exceptional tool for generating data. The number of enquiries on auction properties is usually higher as are the visitation numbers to the open homes, allowing good agents to harvest quality data for their database. This is an exceptional way to prospect for future listings and create a buyer database that will assist in converting appraisals and simplifying your selling process, while making you appear to be the most equipped and experienced agent in the area.
Another undervalued by product of the auction process is, relationships. Auctions are exceptional for meeting buyers and sellers that are in a position to complete a transaction. With that preparedness comes an opportunity to connect buyers to brokers and building and pest inspectors, sellers to property stylists and buyers agents, and potential sellers to handymen in a bid to get their property ready for sale. It is this intricate web of relationships that creates another lead source for future listings and profitable referrals that will pay dividends in the long term.
Agents benefit from a routine and schedule with an auction campaign. Each week has it’s own set of tasks and responsibilities that must be complete. Giving the agent a clear schedule to work to and a sense of order in a world that can often get hectic and out of balance. With routine comes discipline and a disciplined agent running auctions gets the results.
Finally, and this one is our favourite, confidence. It is surprising how the actual process of running auction strategies creates confidence through all the other by products we have outlined. It is hard not to be a confident agent when you are delivering outstanding results, building a strong reputation in your key footprint, building an asset through your database, strengthening relationships that feed back to your core business and doing all while managing a strict and profitable routine and schedule. Auctions provide a structure that a private treaty campaign simply cannot, they also generate much more of everything. More data, more information, more resources, more engagement and most importantly more listings!
If you are wanting to experience the auction difference, reach out to us today and we can book you in for training or even to work with you through structuring your own auction campaign so you can really reap the rewards of the process.
We are here to help build your auction business – contact us today!
