Columnist Yolande King from EVES Real Estate loves the transparency of auctions.

PHOTO TRACIE HEASMAN

Auc­tions might look daunt­ing to both buy­ers and ven­dors. But, hav­ing wit­nessed thou­sands of house sales, in all mar­ket con­di­tions, I’m a big advo­cate of this tried-and- test­ed method of sell­ing. The main rea­son? Trans­paren­cy, on both sides of the con­tract.

I would much rather bid at auc­tion than in a blind mul­ti-offer where I need to go straight to my upper lim­it. You could be tens of thou­sands over or under the oth­er buy­er, but nev­er know, because the offers are con­fi­den­tial. The auc­tion process is trans­par­ent, so you know exact­ly what oth­er buy­ers are will­ing to pay.

NOT JUST A ONE DAY WONDER

Auc­tions are often judged by the results on the big day, but they are actu­al­ly a three phase process.

Phase one: We attract inter­est with a cus­tomised mar­ket­ing cam­paign and give detailed feed­back to the ven­dor. Address­ing any poten­tial issues before­hand and ensur­ing the buy­ers are 100% pre­pared, is cru­cial to a suc­cess­ful cam­paign.

Phase two: The auc­tion day – where all inter­est­ed cash par­ties com­pete to buy the prop­er­ty. Very excit­ing – but only if phase one was done with dili­gence!

Phase three: If the prop­er­ty didn’t sell under the ham­mer, the con­di­tion­al pur­chasers present their o ers fol­low­ing the auc­tion. The ven­dors are able to set an ask­ing price using the mar­ket feed­back gained from phase one, and the buy­ers can be con dent that every­one is on the same page.

THE TRUE PRICE

When list­ing the prop­er­ty, the agent will have given the ven­dor a like­ly sell­ing range, based on sales and oth­er com­par­a­tive data. So the agent will be able to give buy­ers a price guide too.

And mar­ket feed­back through­out the cam­paign pro­vides the ven­dor with valu­able infor­ma­tion to assist them in set­ting their reserve.

PREPARATION

In the spring issue, I gave you detailed advice on get­ting your prop­er­ty ready for sale. One of the­se steps involves sort­ing out the sale and pur­chase agree­ment, and gath­er­ing all the dif­fer­ent reports (LIM, build­ing, meth tests, and so on). With auc­tions, this is a pri­or­i­ty (and part of phase one). You will attract more inter­est by address­ing the issues the­se reports uncov­er right from the start. It’s the unknowns, not the issues them­selves, that often put buy­ers off.

As ven­dors, auc­tions give you con­trol as you set the con­di­tions of sale. For buy­ers, remem­ber that this is not set in stone; you may be able to nego­ti­ate the­se terms. Just ask!

AUCTIONS

EVES auc­tions are free, and place ven­dors and buy­ers in the hands of a huge team of experts. Prop­er­ties are mar­ket­ed not only to buy­ers, but also a sig­nif­i­cant num­ber of the Bay’s sales­peo­ple. We make sure that ven­dors are ful­ly pre­pared, and we train our buy­ers for the big day too, train­ing them in the lan­guage used and bid­ding strate­gies. And, if you’re wor­ried nerves may hijack you on the day, we are able to bid on your behalf. The right agent will make sure you feel con­fi­dent in the process.