The most successful Auction campaigns in Western Australia often achieve sales figures over the property owner's expectations. Auctions generate a high level of interest and competition not found with traditional selling methods.
It is important to understand that your Real Estate Agent has the knowledge, expertise and sales evidence to advise what your property is worth, but the market conditions at the time of selling will ultimately determine the selling price. 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.
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 2-3 weeks of marketing. As there is no 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 creating a reason to take prompt action.
Competitive Buying Environment:
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?
Not One, But Three Chances to Sell:
Before Auction - interested parties may approach the Sales Associate prior to auction day and express interest in purchasing the property.
On 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 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.