The greatest fear of anyone auctioning a property is “What if it doesn’t sell?”.
Auctions are often the best opportunity to get the best possible price for your property and secure a fast sale, but we understand that there can be a high level of anxiety around them. We will do everything we can to ensure a successful auction, but if the hammer does not come down the way you expected, it is not the end of the world. Here’s what happens next:
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A high number of contracts going out is a good sign that your auction will be hotly contested. But if you have only a few contracts out, this is a sign that we may need to rethink your strategy. Before auction day, as your agents, we will advise you on the number of contracts and level of interest and the best way to proceed. When interest is low, options include rethinking pricing before the auction, or alternatively looking for a pre-auction offer.
Don’t panic
If the hammer comes down with no takers, all is not lost. Immediately after the auction concludes, as your agents, we will make a bee-line for the highest bidder to pinpoint a sale price somewhere between your ideal sum and the potential buyer’s highest bid – and push them as hard as we can. From there it becomes a private treaty negotiation, but under auction conditions. We will aim to negotiate an acceptable price that both parties are happy with and have up to 24 hours to get the contract signed.
Your home is still for sale
Even though an auction may have failed to generate the sale of your property, that doesn’t mean your property is no longer for sale. Auction day is a step in the sales process. You have the option of going back on the market with a price that is more in line with where bidding stalled at the auction. As your agents, we will contact the people who came to inspect your property and update them on the situation. In most instances, we find this attracts a sale very soon afterwards.
