In the world of real estate, many people assume that when the property market plateaus or experiences a dip, auctions are no longer effective. However, this couldn’t be further from the truth. When done right, auctions can still yield fantastic results, even in challenging market conditions.
Here are six key attributes of a successful auction campaign and why auctions can be a great option for property owners.
1. Property presentation and preparation
One crucial aspect of a successful auction campaign is presenting the property in its best light. This may involve elements such as property styling, professional photography, floor plans, engaging copywriting, and even a captivating video. By investing in these preparations, you create a compelling first impression that attracts potential buyers and generates excitement around the property.
2. Marketing to a wider audience
Effective marketing is essential to the success of an auction campaign. To maximise exposure, your property should be listed on online platforms such as Real Estate Australia and Domain, to reach a wider pool of potential buyers. Additionally, leveraging your agency’s personal database and marketing channels will further amplify your property’s visibility.
3. Setting a reasonable price guide
Setting a reasonable price guide is crucial to attracting interested buyers. Realistic expectations help drive buyer interest and increase the number of attendees at your auction. A well-informed agent will provide guidance based on the property’s market value, enabling potential buyers to consider the auction as a viable option.
4. Engaging an experienced Auctioneer
The auctioneer plays a critical role in achieving the best possible outcome for your auction. An experienced auctioneer possesses the skills and expertise to create an engaging atmosphere, build buyer confidence, and extract the maximum value from the current market conditions. With their guidance, your auction will have the best chance of success.
5. Going the extra mile
At Marriott Lane, we take our commitment to our clients and potential buyers seriously. For apartments and townhouses, we provide the strata or building report free of charge. This initiative offers a significant advantage to both buyers and sellers. Potential buyers save valuable time, effort, and expense by obtaining the report directly from us, while sellers benefit from attracting more genuine bidders to their auction.
6. Transparency and market results
When comparing auctions to private treaty sales, auctions offer a distinct advantage – they deliver a true market result. Auctions provide an open and transparent forum where every bidder is given a fair and equal opportunity to participate in securing the home or investment property they desire. The competitive nature of auctions often leads to higher prices and a sense of urgency among buyers.
We’re Here to Help
If you’re considering selling your property and wondering whether an auction is the right choice, our team at Marriott Lane is here to help. We understand the nuances of the auction process and can provide expert guidance tailored to your unique situation. Let us assist you in maximising your property’s potential and achieving the best possible outcome.