08 Oct How to Sell Your Property at Auction
With auctions becoming an increasingly popular means of selling your home in Australia, it’s an option you should definitely looks at when you’re selling. Remax’s Number One Chinese Real Estate Agent Henry Wong discusses how to sell your property at auction in this real estate vlog post.
“Hi, I’m Henry Wong. We’re here to talk about how to sell at auction. So we’re going to go through three topics.
The first one is no amount of worrying is going to change the outcome. Let me give you a example. Let’s say you’re driving. You are late to an appointment. The traffic is horrendous, is back to back cars. It’s completely chocker-blocks. The traffic lights is red and it’s taken forever to turn green. You’re angry, you’re frustrated. No amount of anger and frustration is going to make the traffic light go green faster. No amount of anger and frustration about why are drivers driving so slow is going to make drivers drive faster. So whatever anger and frustration you have, traffic’s not going to move faster. So just understand that. The same thing with an auction, no amount of worrying is going to change the outcome. So no need to worry. The process will take care of itself.
Number two, price. So obviously throughout the campaign you’ll get feedback as to what the market believes or is willing to pay for, for your property. With regards to the price you need to set a reserve in order for the auction to begin. And when you set the reserve bear in mind two prices. The first is the price that you’re happy to sell for. So your dream price, if I can get this many dollars, I am over the moon, I am very, very happy. The second one is you may not get the price that you’re happy with, but you don’t want to lose a buyer for. So the last thing you want to do is wake up the next morning thinking I should have accepted that bidder. I should have accepted that price. And then you didn’t sell. So what I’m saying is you don’t want to wake up the next morning regretting your decision.
Number three is throughout the auction the auctioneer and the agent’s responsibility obviously is to drive interest, help get the price up and get as much attention as possible. So the auctioneer and the agent will constantly go back and forth to you, the seller, and let you know exactly what’s going on. And at any point in time you can actually change your reserve right up until the hammer goes down and the auctioneer says sold. So at any point in time you are always in control as to what you sell for and how much you sell for. The agents and auctioneer is always at times, sometimes the auction can pause, but every time they pause they always come back to you and saying, this is what’s happening, this is what the buys are at, this is their story. So you know exactly what’s going on.
So there you have it. No matter worrying is going to help you change the outcome. The price, obviously the reserve. You need to make sure that you have the price at what you’re happy with. And number two, a price that you don’t want to lose a buyer for. You don’t want to have any regrets thinking that you could have accepted that price but chose not to. And number three, the auctioneer and the agent is always going back and forth during the auction to keep you posted with exactly what is going on. And at any point in time, you are still in control as to what you sell for and at what price you sell for. But please bear in mind the feedback from the market as well.
If you have any other questions at all, feel free to contact me. And good luck.”