Selling a home at auction can be an effective way to secure the best-selling price for your property. It’s a method that combines the excitement of competitive bidding with the opportunity to achieve a quick sale. Keep in mind, success at auction requires careful planning and execution. Below we have had our experts break down the essential steps to help you get the right selling price preparing for auction.
1. Choose the right auctioneer
Selecting the right auctioneer is crucial. Look for a professional with experience in your local market. With a track record of successful auctions and a deep understanding of the auction process.
2. Set a realistic reserve price
Your reserve price is the minimum amount you’re willing to accept for your property. It’s essential to set a realistic reserve based on market research and your property’s value. Setting it too high may discourage potential buyers, while setting it too low might not maximise your property’s worth.
3. Market your property effectively
Work with a real estate agent to create a compelling market campaign. High quality photographs, virtual tours, and detailed property descriptions can attract more potential buyers to your auction.
4. Prepare your property
Ensure your property is in excellent condition for inspections and auction day. This includes addressing any maintenance issues, decluttering, and staging the home to showcase its potential.
5. Understand the auction process
Familiarise yourself with how auctions work in your area. The rules and procedures can vary, so it’s important to know what to expect, helping reduce the stress on the day. It would be beneficial to consider attending a few other auctions. This will give you a better feel for the process.
6. Promote the auction date
Promoting the auction well in advance to generate interest. Use both online and offline marketing channels, including social media, and real estate apps/websites.
7. Engage with potential buyers
Encourage potential buyers to inspect the property and ask questions. Your real estate agent can facilitate these interactions and provide valuable insights.
On the day of auction, be prepared, ensure the auctioneer is well-informed about the property and its unique selling points. When it comes to the bidding process this can be intense, but it’s important to remain composed and trust the auctioneer to guide the process while staying attentive to the bid increments. Be open to negotiations if the bidding has stalled below the reserve price.
Working closely with the real estate agent once the auction is over, to finalise the sale and prepare all necessary paperwork. Selling your home at auction can be an exciting journey to achieve the right selling price. By following and understanding these steps and seeking out experienced professionals, you will increase your chances of a successful auction and secure the best possible outcome for your property and financial future.
At Vals QLD we ensure a tailored valuation giving you a starting point to where your property stands within the market and the true value of your property to set the right price come auction.
Contact our team on (07) 3123 7147 today for more information on our services available.