3 tips for a successful auction

3 Tips for a successful auction

For all who have been through the emotional roller-coaster that can be the auction campaign, a successful result means much more than the hammer falling well above reserve.

Although an extravagant sale price can make all the nostalgia instantly disappear it’s important to remember that a successful auction means much more than ‘sold’. Here are our top 3 tips for a successful auction.

1.      Communication is key

Be prepared for feedback, both positive and negative, and use this knowledge to your advantage as you make informed decisions about your campaign. A professional agent will guide you through the entire process on all levels, from the pricing and marketing strategy to where to stand/sit on auction day, your agent is your direct medium to the market and what the market is saying about your property.

Related: Can a good salesperson make a difference?

2.      Control the controlables

As the vendor, the owner of the property you have complete control over to whom and for how much you choose to release your property for – auctions present a complete representation of the market at that exact point in time and can, through competitive bidding give the property the opportunity to achieve a premium price.

Things you have control over:

  • The marketing
  • The agent
  • The presentation
  • The reserve price
  • The access (for inspections and open homes)
  • The auction date and time

Related: How to run the best open homes

By understanding and maximising what you can control during your campaign will help ensure that you (and your agent) have attracted, qualified and invited the maximum number of potential buyers to bid on auction day

3.      Over invest in marketing

The best buyer for your property, the kind of buyer that starts a bidding war could come from anywhere, it could be a neighbour a buyer form interstate or even an international buyer. By over investing in your marketing campaign, your property has the potential to extend its reach and attract more and more buyers. Even if you can attract one additional buyer to your property this extra competition can result in a significant premium – remember you property is on the market in competition not in isolation.

Follow: Subscribe to this post's comments