Ray White Frankston Principal Ashley Weston and experienced auction agent tells us why sellers should consider the auction method over private sale.
Why should sellers consider auctions?
The auction method provides a time frame to gather as many interested parties as possible and bring them all together in the same place and time to compete.
From a seller point of view, it provides more opportunities to get a premium price as it opens it up to a competitive environment.
Auction sales are also unconditional which favours the seller.
What kind of work goes into a successful auction from the agent?
For agents, there is more work that goes into an auction than a private sale.
We need to communicate with interested parties multiple times a week, often every second day so we can build up strong relationships. There’s also a lot that goes into prospecting and calling through open for inspection lists to gather more parties.
We also spend a lot of time with our seller, educating them and making sure they are comfortable, this involves lots of meetings and phone conversations.
What kind of prep work do you suggest sellers do before going into auctions?
For sellers, I would say that it’s really important to spend time with an interior designer to make sure their home looks its absolute best. This will help make the photos stand out and give them that wow factor.
I always recommend doing a building and pest inspection beforehand. It’s good to be aware of what can be improved so there are no surprises if a prospective buyer has one done. It also makes it easier for buyers as they don’t have to spend $600 on something they might not get.
How does auction differ from private sale?
Always, interview agents and make sure they are skilled in the auction method. The skill set is quite the opposite of what’s needed to manage a private sale.
With a private sale, agents need to create urgency to encourage buyers to make an offer and act quick.
Whereas with the auction method, agents need to work with buyers being patient and not creating too much urgency otherwise they will start to feel like they don’t have a chance of securing the property.
There are a lot of intricacies with auctions, agents have to think quickly and having experience helps them make quick decisions that are the right decisions.
I have done countless auction campaigns and there is not a single circumstance I haven’t encountered so I can make decisions successfully and efficiently by drawing on that knowledge.