Auction is the fairest way to sell anything and the most sophisticated!
According to Wikipedia The word "auction" is derived from the Latin augeō which means "I increase" or "I augment". It’s also one of the oldest forms of sale dating back to 500BC and was used over the centuries to sell goods and commodities and more recently is used to sell goods, rare and prominent art, antiques and real estate.
Benefits of Selling at Auction
Market coverage …..Marketing your property with no price attracts the entire market. You may achieve significantly more than what you anticipated, therefore reducing the risk of underselling.
Urgency …………..Auction creates urgency between buyers by setting an ‘end date’ for the sale.
Competition …………Creating competition between serious buyers and can often exceed the expected value and sale price of the property (no ceiling price) therefore boosting the sale price.
Test the market …..As the reserve price is not disclosed to potential buyers, it therefore gives the seller a chance to test the market.
Protection …..The reserve price you choose offers you protection. The property won’t be sold unless the reserve is reached.
Organisation …A planned, customised, marketing campaign with Nobel Realtors will enable you to organise the family with less disruptions during the auction lead up period.
Flexibility…. You have the opportunity to sell your property at any stage i.e. before the auction, on the auction day or directly after auction (if the property is passed in).
More control… With an auction - it’s an unconditional sale – cash contract. No cooling off period; no subject to finance or building and pest clauses therefore a rock solid contract.
Nobel’s Successful Auction Tips
A well planned customised, marketing campaign which widely promotes your property is essential.
Ensure your property is well presented, first impressions are lasting and significant to a successful outcome.
Finding the right auctioneer will play a key role in the success of your sale.
Once you have settled on the reserve price – do not disclose or discuss this price with anyone at all except for your Nobel Realtors agent and the auctioneer. Confidentiality is vital!
Deciding on your reserve price prior to the auction. Nobel Realtors will provide you with feedback received from the open for inspections, so that you can plan your reserve price well in advance of the auction. You don’t want to make that decision half way through the auction when emotions and pressure could impede your decision.
Be prepared to accept the market value on auction day provided there has been competitive bidding.