The big day has finally arrived - auction day!
If all goes to plan, you’ll be cracking open a bottle of champagne and sticking a big fat sticker on the signboard in no time. But first things first, there are some key auction etiquettes that need to be followed as a seller.
- No meddling allowed
Ethics and a code of conduct are two key areas our auctioneers preach.
Some things we always tell our sellers not to do, is interfere with genuine buyers. That means, they should never consider having a friend bid at the auction to drive the price up. This could go pear shaped very quickly and the tactic itself may actually do the opposite, by deterring genuine buyers from making their bid.
- Don’t disclose your sale price to friends
Whatever you do, do not reveal your expectations with others.
We’re social creatures… But while it may be awfully tempting, you should resist the urge to tell your friends what the home will be priced at. Remember, rumours spread fast.
- Lower your expectations
We always say to be positive, but you must remain realistic at the same time.
What’s the most common reason for why a property doesn’t sell at auction? The price!
That’s why vendors should be guided on price by the pre-auction buying market. The house is worth what the market says it is. The lead up to action day will usually set the indication on price and sellers should be guided by that.
- Don’t stress if your home doesn’t sell
Hope for the best but prepare for the worst (and trust us, the worst really isn’t that bad).
OK… so your property didn’t sell – not the outcome you were hoping for… But it’s not over yet!
Not by a long shot! All this means, is we enter the second phase of the auction campaign…
We find that many properties that don’t sell on auction day, end up selling for a great price in the following 2-3 weeks.