If done properly, the auction is the very best means of achieving a premium or fair market value for a property within a specified time.
The deadline for the sale creates a sense of urgency among buyers and sales consultants alike.
Auction is a 'marketing without a price' strategy with a short, sharp and intensive marketing campaign. This is to test the market to see what buyers, in a competitive situation, are prepared to pay to become the new owners of that property.
Marketing with a price limits what a keen buyer may pay. Once a listing price has been established for a property, a ceiling has been placed on what a buyer expects to pay for it. Auction, on the other hand, offers a real opportunity to get more for a property than the seller might expect.
The word 'auction' derives from the Latin word 'augere' which means 'to increase'. Dating back to Roman times, auction is one of the oldest methods of selling and yet today it is the most advanced method of marketing real estate.
Our objective is for the seller to have the highest price possible offered for their property by the end of the auction campaign.
A well-run auction program will ensure that the property gets the maximum exposure. It is certainly the method that offers the highest degree of responsibility and control shared between the consultant and seller.
Through auction, buyers are prompted to pay their top price by: