Thinking of selling via Auction?
The most successful Auction campaigns often achieve sales figures over the property owner's expectations. Auctions generate a high level of interest and competition in comparison to other traditional selling methods.
An Auction is the most effective way to achieve a premium price as it creates a sense of urgency, motivating purchasers to action based on a given deadline.
Zenith Realty has the knowledge, expertise, experience and sales evidence to advise what your property is worth, However, the market conditions at the time of selling will ultimately determine the selling price.
Why consider selling by auction?
Control and Certainty:
you, the seller, set the terms and conditions of the sale for an auction. You may be seeking a short or longer settlement period, whatever it may be, buyers understand and must purchase according to what you have put in place.
A sale at auction is an immediate, absolute and unconditional sale unless you decided to relax the conditions on the day of the auction to attract a larger pool of buyers.
Sense of Urgency:
Genuine buyers will have viewed the home within the first weeks of marketing. As there is no set advertised price, they will make their own assumption based on discussions and recent sales evidence. All interested parties place a sense of urgency upon themselves to act, hence bringing buyers to a point of decision.
Competing buyers create the opportunity to achieve a premium price from a premium buyer. Your property is worth what the market is prepared to pay for it on the day, so why put a ceiling on it?
Three Chances to Sell:
- Prior to Auction - interested parties may approach the Sales Associate prior to auction day and express interest in purchasing the property.
- On the Auction Day - should the bidding achieve a price acceptable to you, the property will be sold under the hammer on auction day.
- After Auction - should buyers bids not meet the reserve price set or your expectations on the day of auction, your sales associate will still work diligently to negotiate with the highest bidder and all other interested parties directly following the auction.
Auctioning your property is about so much more than simply showing up on the day. There’s a lot of preparation that goes into it to ensure you achieve the best possible result for your property.
Marketing your property well is one of the most important amongst the things you’ll need to do. We will walk you through your marketing plan in detail, from the images that’ll be selected and advertised, the copy that will be included, to where the property will be advertised (online, papers, brochures, etc.)
Your Role on Auction day
It is not imperative, however if convenient, we recommend that you attend the auction or make yourself easily contactable on the day. It will be necessary to be able to contact you if there are any last minute questions, or to confer with you depending on how the auction day is going.
The Reserve Price
It's important to understand and be clear on what your reserve price is, and the role it plays during the auction.
There are three types of reserve price to consider:
- Best Price - The amount you will be very happy to accept
- Mid-range Price - The figure you would be satisfied with based on the feedback received, neither a loss or a gain.
- Accepted Price - This last figure is one you wouldn't be thrilled with, but given market conditions and auction feedback, you're prepared to sell at that price.
Our Agents are experienced in the Auction process and we are able to take you through step by step. Contact us today to discuss your options.