Auctions are a great way to have your home sold quickly and for a competitive price, but they can also cause headaches if you don’t fully prepare or aren’t fully aware of the process. Of course, you should ask your Point Cook real estate agents about it, but in the meantime, here are some tips to help things go smoothly.
Don’t Have Anyone interfere With Bidding
You may have seen it on TV, during the auction friends and family make fake bids to drive up the price. This is not a great idea, not only is it illegal but it can scare away your actual bidders and you can face a fine if you bid and don’t go through with the sale. So, leave the bidding to the real bidders and if people do come to support you, let them know the repercussions of fake bids.
Don’t Set Your Reserve So High
If you set a reasonable reserve price you can turn away buyers who might want to pay the market value for your property. To avoid your property sitting around on the market forever, be as informed as you can. This may mean being open to a different reserve price, especially with Australia’s fast-changing market which can change within a three to four-week auction campaign. Try to keep an eye on your local area to see if the market is changing.
Understand the Whole Process
You should keep yourself informed about the process of an auction. You can do this by attending other auctions in your area and taking a look at what happens. This includes learning terminology such as ‘absentee bid, ‘on the market’, and ‘vendor’s bid’. These are all vital to understanding what’s happening during your auction without feeling out of the loop.
Keep Up Property Presentation
Auction day is pretty much the last option you have to impress your potential buyers so try to keep your home looking as good as it can. Beds should be made, floors clean, the kitchen should be spotless, and any pets should be relocated or moved off the property temporarily. Presentation can be the thing that convinces a buyer on the fence to jump in and start bidding.
Don’t Forget To Tell Your Neighbours
The last thing you want is your neighbors loudly mowing the lawn during your auction. If you can, consider letting your neighbors know when the auction is happening. Most neighbors will be happy to put away the mowing for an hour, and some will even appreciate you telling them as they may consider the auction to be a slight disturbance in their daily plans.
Now that you know all the best-kept tips for having a stress-free auction, contact Established Property on Facebook to organize your auction.
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