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The auction process begins with marketing your property.
A 3-4 week marketing campaign leading up to the auction date is standard as it creates an urgency and causes buyers to make decisions quickly.
It is essential that you generate as much interest as possible during this time so that when the time comes your auction is full of buyers. |
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During the marketing period you need to: |
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- Present quality marketing material
This is important to convey a professional image throughout your sales campaign.
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- Host open homes
Purchasers want to view your property and designating 'open home' times is the most effective way to do this. This is because a busy 'open home' is a great advertisement and creates competition amongst buyers.
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- Meet with the Auctioneer
You will need to have a pre-auction meeting with the auctioneer to discuss dates, times and other details.
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- Prepare an ‘Auction Document’
Early in the marketing period you will need to consult with your lawyer about preparing an auction document (this is the Sale & Purchase agreement for an auction). Serious buyers generally request this document prior to the auction so we suggest having it available at open homes and distributing it via email on request.
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Final viewing
It is important to arrange a final viewing for buyers on auction day. We suggest 30mins prior to the auction is adequate for a last look. During this time buyers may want to ask you any final questions and you can check that your key bidders have arrived.
Meeting with the auctioneer
The auctioneer will also arrive approximately 30mins prior the auction. At this point you will disclose your reserve price to the auctioneer and discuss any final details or questions.
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Your reserve price should be the lowest amount at which you are prepared to sell your property - not your expected sale price.
Remember the property is not ‘for sale’ until the reserve is met and the Auctioneer declares it to be “on the market and selling”. You should put considerable thought into setting your reserve price.
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