He says it is more important than ever to understand what auctions can and can’t achieve. One of the biggest misconceptions about auctions is they make a property automatically sell for more because buyers will compete and push the price above expectations.
He said it’s important to remember an auction was simply another method of sale and, like all methods of sale, if you haven’t done the right preparation during the lead up, an auction won’t save you.
“What an action can do is reduce days on market, create a competitive environment for sale among buyers and gain maximum exposure for the property with a condensed marketing strategy,” he said.
“The reality of any real estate transaction is that any property is only worth what someone will pay. An auction can help sellers get a realistic understanding of what the market is willing to pay for a property. By removing price as a barrier, an auction invites buyers to make offers that the seller can either accept or reject.
“But what if the property doesn’t sell? The auction was not a waste of time, because you now have a much better understanding of what the price should be set at.” For further info, call John on 9771 4555.
Auction can help set realistic price
RECOGNISED as a valuable method of sale, the auction system continues to increase in popularity for properties of all sizes and price ranges, says John Owsnett, Principal of Chambers Fleming Professionals Padstow.
