News

Preparing For An Auction: A Guide For Sellers

No one can know how an auction will go and it can be quite stressful for the seller – especially on the day itself. Heavy speculation is the best you can hope for and even that can prove to be irrelevant in some cases. The best you can do is prepare all you can and hope for the best. But it’s the preparation stage leading up to the auction that is the crucial part. Instead of worrying the whole time, use that time to be proactive and do everything you can to increase the chance of a sale. So, for today’s blog, we’re going to be looking at some key things you can do to prepare when selling your house in Williams Landing through an auction.

 

Getting the right info from your agent

In the weeks prior, your agent should provide you with a detailed rundown of how the auction will go down. If this is not provided to you, then you should ask them for it. They will also be able to answer any questions you may have in case the auction doesn’t go the way you want it to.

 

Making the most out of the inspections

You’ll want to ensure that your house is made up in the best and most presentable way as this is the main time where people will be coming in to view the house. You’re selling a product, at the end of the day! You can even hire stylists to do this for you, as they’ll know what the best trending aesthetics are.

While this may incur additional costs, you’ll have the added benefit of their professional knowledge and experience thrown into the mix. The upkeep doesn’t stop at the furniture and layout, though. You should also strive to dust and clean weekly to keep the rest of the house in attractive conditions.

 

How will it be promoted?

There are various ways that an auction can be promoted: online, through posters or even in magazines and newspapers if there is enough time. The initial sales campaign will include the fact that the property will be going for auction to try and get a crowd as early as possible. On the day of the auction, your agent will also set up signs around the neighbourhood to draw in as many people as they can. It’s important to remember that sometimes, the biggest turnout won’t necessarily equate to a higher chance of a sale as a lot of people tend to just show up to watch.

You may also post about it on social media if you’re really looking to attract a wide audience from all over. There are keywords and hashtags that you can use to ensure you maximise the number of people who see the post. For a more comprehensive post, don’t forget to link back to the website listing as well.

 

What to do on the day

You will be briefed on the day of the auction by your agent and auctioneer on topics such as:

  • How many potential bidders are expected to come;
  • What your reserve price will be;
  • What increments the bids will be raised in;
  • What may happen if the reserve price is not met;
  • If and how vendor bids will be used; and
  • To confirm that neither yourself nor a friend will be bidding.

The house will be open for inspection at least 30 minutes before the auction starts, so that potential buyers may have one final look. This is when the house should look the most spotless and impressive as this is the final pitch. The rules and regulations of the auction will also be displayed somewhere within the property or just outside for everyone to clearly see.

It is important to keep a cool head during the auction. Regardless of what happens, it is not the end of the world. If your house doesn’t sell, then you will just have to put it back onto the market and continue advertising. You may have better luck with a private sale. If it does sell, then the buyer will sign the contract and put down the deposit.

 

Are you looking at selling a house in Williams Landing?

Red23 is an experienced real estate firm in Williams Landing that handles the purchasing, renting and selling of property. Our qualified and professional agents will be able to handle your auction and make sure you’re well informed throughout the entire process. We strive to get you the best possible price for your house using our exclusive industry resources and real estate knowledge.

If you would like to know more about the real estate services we offer, then please give us a call on 03 8372 2122. Alternatively, you can fill out the enquiry form on our website.