Auctions have long been one of the more popular methods of buying and selling property, and it’s become increasingly more so in recent years. In part, this is due to the more prominent ebb and flow of the market, which allows sellers and buyers to capitalise on their sale or purchase. It is also due to the more competitive nature of an auction, which gives sellers a better chance of selling at a high price, but can also mean that buyers can score a good deal too.
This all makes the ordeal of the auction process rather intimidating, especially so for first home buyers. So keep reading and we’ll give you a few pointers in how to best deal with an auction.
First off, let’s take a look at some clear cut points that are for, and against, selling at an auction.
Selling at an auction is a double-edged sword, but the rewards are often most certainly worth the risk involved. Whether you’re willing to take that risk is up to you.
Do your Research!
It doesn’t matter if you’re planning to buy or sell, you have to take the time and research the area around the property, to help you to be well prepared for the big day. First, you should find some listings around you, these will give you a good idea of what a reasonable price might be. In addition, it will also help you decide what kind of property you’re interested in if you’re buying.
If you’re selling, it will give you a good idea of who might be interested in buying in your area and what lengths they’re willing to go to. It will also help you decide what type of agency you would like taking care of your own sale. It’s important to choose a real estate agency that has a strong record of sales and is well known within the local area. It’s also important for them to be straight with you, and give you a realistic expectation of your property’s value.
Once you’ve decide on an agency to represent you, they will start to come up with an advertising campaign. This is done through a series of print media, online advertising and visual banners and signs outside your home. This is necessary to attract attention to your property prior to the open house inspections. These inspections will allow you and the agency to keep track of any potential buyers, sometimes you might even get offers before the auction.
Return to resources