Be sure when Selling Before Auction

The process of selling a property at auction, should be a carefully considered one, based on market factors and the current buoyancy of that market.

Date:

25-Oct-2016

Category:

Selling

Tags:

Author:

Jane Garwood

Be sure when Selling Before Auction

The process of selling a property at auction, should be a carefully considered one, based on market factors and the current buoyancy of that market.

The process of selling a property at auction, should be a carefully considered one, based on market factors and the current buoyancy of that market. The last few years have seen an extraordinary period of market acceleration and significant capital growth over most of the Lower North Shore. The recommendation of an agent as the the method used to send a property to market, should be based on the profile of the property and how it will be received by the market at the time.

We believe that one of the most important parts of the auction process, is that it is contained in terms of time, and therefore the selling period condensed and defined. The reason for such definition, is that active buyers have enough opportunity to view the property, and the vendor, enough time to enable that process to achieve the best possible outcome for the sale campaign, without belabouring the process for all parties. All to often, we have disgruntled buyers who regale us with stories of a property which has been listed on a Thursday, opened on a Saturday, and sold before they have even had time to speak with the agent on Monday to indicate their interest. Even worse are the stories of how they have told an agent that they are interested, that they are coming back to view again and have requested a contract, still only to find that the property is sold.

The only way a vendor knows what the market truly believes is the value of their property, is to ensure that it is exposed, long enough, that buyers have the opportunity to give that feedback, to due their due diligence to be sure that in fact, this is the one for them. Of course there are times when an result appears to be extraordinary, and which wants to occur quickly, but even then, it is incumbent on the agent to ensure that this is truly, the market value.

This is a business of opportunity, for both a buyer and a seller, and the most important part of the role of an agent, is to facilitate that opportunity for both parties. As a buyer, it is most important that when you are looking at a property where an agent as a general rule, sells quickly and early in the campaign, that you express your interest strongly, particularly in writing, so that you have a trail which hopefully will protect your interest to purchase, and as a consequence, protects the outcome for the vendor.

Look at the history of that agent and how they operate with their campaigns to ensure that you achieve the best outcome, either as a purchaser of a vendor.