In this video, we explain why auctions are a great platform for buyers and sellers to achieve a great result.
Click below to watch the video.
Following is the video transcript.
Monique Dower
Principal, Belle Property Balmain
There are two ways to sell your home; by private treaty – one to one negotiation between your agent and a buyer – or via an auction. An auction can be conducted publicly with the help of an auctioneer, or as a private ‘silent’ auction via your agent. Experienced agents recommend public auctions because buyers see their competition, agents can work the auction floor and create that all-important ‘fear of missing out’. Auctions provide a deadline and a sense of urgency by which buyers must make a decision, plus an unconditional sale. The buyer pays a deposit and can’t cancel the deal without financial penalty.
Lynsey Kemp
Principal, Belle Property Balmain
Auctions work especially well when buyer feedback or initial offers are sitting around the same price. What most people don’t realise is that an auction offers you three selling opportunities. Prior to auction, at the auction and post-auction. If your property passes in, you still have until midnight to negotiate a sale price with the leading bidder, and an unconditional sale. Public auctions are open and transparent, and with emotions generally running high your price can too.
