When selling at auction, many of the steps leading up to the purchase are the same as making a standard purchase. Therefore, it is important that you also read the ‘Selling guide’
We have an amazing auctioneer with a proven track record and an excellent knowledge of the local area.
The law requires that a written contract must be signed between the seller and the auctioneer. This ‘Agency Auction Agreement’ sets the reserve price for your property, how much commission you’ll pay, and usually gives the agent exclusive rights to sell your property for a period after the auction in the event that post auction negotiations or advertising are necessary.
The agent is experienced in planning and arranging the marketing of your property including advertising. The extent of the marketing campaign will depend on the amount you are prepared to spend.
Some tips for a successful auction
· Work out the appropriate advertising budget to ensure your property is widely and effectively advertised.
· Make sure the property is well presented because a potential buyer’s first impressions are crucial to a successful sale.
· Allow the sales executive to arrange as many inspections with prospective buyers as possible.
· Do not disclose or discuss your reserve price with anyone except your agent/ auctioneer.
The Reserve Price
You have the right to set the reserve price, below which the auctioneer is not permitted to sell. Consult with your auctioneer and agent when setting your reserve price as they will be familiar with recent sales of similar property in the area. Remember to be realistic when setting the reserve price, bearing in mind supply and demand in the area as well as other general market considerations