Pete started auctioneering in his early twenties as a commodity trader.
When we were gathering thoughts about this article he mentioned that many agents think only some properties lend themselves to the auction method of sale. Pete said it’s a myth that only some properties are suited to auction.
Every property we’ve taken to auction has sold before, under the hammer or not long after. This includes apartments and houses.
One of the reasons we love auctions is vendors get feedback from day one; and it’s a completely transparent process for buyers.
We’ve even taken the initiative of accepting phone bids only from the buyer’s agent or representative (not our own staff). This gives buyers on the day, even more certainty that they’re bidding against real purchasers.
To give examples of all three scenarios from our recent sales:
- SOLD BEFORE AUCTION: The owners of the Nundah townhouse were retiring to the country and employed us to maximise their sale price. They decided on an auction strategy and a four-week campaign. Numbers at opens were strong, and we received 3 early contracts. After negotiations with all parties, the vendors were over the moon to sell at their price and the contract was unconditional before auction day. All other buyers were informed, and the auction was cancelled.
- SOLD UNDER THE HAMMER: The owners of the classic colonial in New Farm were selling a highly desirable property in a good market, our marketing campaign led to over 80 first inspections, many second inspections, and some third inspections. With over 150 attendees on auction day, three bidders duked it out for the honours. Amazing result all round.
- SOLD AFTER: After a marketing campaign that attracted several buyers, Mark St didn’t sell on the day of the auction and was passed in without a bid ☹. Being on an enormous block in the heart of New Farm though, Peter knew that the right approach to an after-auction scenario would result in a fantastic result for the owners. This strategy lead to three offers coming in eventually all on one day. The owners were thrilled with the result.
For more on auction strategies, please check out our recent STAND-N-TALK video series on our film page.
Episode 1 – discusses the all-important topic – TRANSPARENCY
Episode 2 – GATHER YOUR THOUGHTS – an auction programme gives you time to take in all the info
Episode 3 – CONTROL – why the seller has all the control with an auction campaign
Episode 4 – TIMING – auction methodology gives you a ‘honeymoon period’
Episode 5 – REMOVING THE PRICE – allowing buyers to worry about price last