While everyone loves attending an auction, some sellers shy away from them. Auctions have theatre, drama and tension – and this can work to the advantage of sellers and are not to be feared if handled correctly. Here are 5 reasons we think an auction is the most effective way to sell your home.
- Auctions create a fast sale
The time frame for an auction is set. If getting a sale quickly is an important consideration for you, the deadline of an auction provides you as a seller with a clear finish line and you know your life can move on.
- Auctions limit the pain of selling
We all know selling a home is hard work. Getting the property ready and looking its best for open for inspections can be exhausting – especially if you have children or pets. The set time frame of an auction makes the work feel manageable.
- Auctions are transparent
During the auction, the interest of all parties is clearly on display. Those who wish to buy the property just need to register and put up their hand. The price that the property achieves is clear to everyone attending and there can be no accusations of favouritism over the negotiation or final price.
- Auctions guarantee you’ll get the best price on the day
Property markets can change quickly. Whether your auction is attended by many or just a few buyers, the work of your auctioneer and sales team to lift bidding to your reserve price or higher ensures the best price possible is achieved on the day.
- Auction conditions put the onus on the buyer
When a property is sold under the hammer, it is on the understanding the appropriate inspections have already taken place and the contract conditions are acceptable to the purchaser. The buyer needs to immediately pay a deposit and there is no cooling off period.