With one couple walking away with nearly half a million dollars and bidding on another property slow to take off, the final episode of Channel Nine’s The Block did show some of the highs and lows of selling at auction.
There are many reasons why people decide to sell their property at an auction; you have a set date for the property sale and there is the potential for the property to sell more than the reserve price. Properties with unusual or interesting features often sell well at auction too.
Some say you should only put your house up for auction at certain times of the year, but if the property is well presented, priced right and there is a demand, the property will sell at any time of the year.
So, what is the secret to getting top dollar at this type of sale?
As always, there is no one single factor that determines how much a property will sell for, but there are a few things you can do to give your property a helping hand to attracting high paying bidders.
The chances are, you probably won’t be as lucky as The Block contestants by having your property shown on prime time national TV! However, you can get in front of your target audience through a strategic marketing campaign using online and traditional methods.
And don’t forget, as well as knowing the property is on the market, potential buyers need to know when the auction will take place, so make sure this is included in all literature.
Make sure you have quality photography in your marketing material to showcase your property. Whether it’s in the agent’s window, the local newspaper, online or on social media, the images have to draw the buyer in and make them want to see more.
It’s crucial you present your property well and show off its best features at open inspections. Remember, first impressions do count, so make sure it’s warm and welcoming and people can imagine themselves living there.
The right auctioneer
You want a warm and enthusiastic crowd at an auction, so choose an auctioneer who you think engages with the crowd. A good auctioneer naturally finds the balance between welcoming and professional and is able to relieve a stressful situation.
Don’t tell the ‘sell price’
Rumours spread quickly these days, so try to avoid telling anyone, even family and friends what your reserve price is. If expectations are set high, you may scare off potential buyers.
We do more than simply sell and manage property, we’re here to give you helpful information. If you’re thinking of selling your house at auction, or would like to know more about how an auction works and what it involves, our friendly team would love to help.
Over the 40 years we’ve been successfully operating in the area, we’ve helped thousands of people realise their real estate dreams and we are committed to delivering the best service and achieving the best possible results for our customers.
This is why we are one of Newcastle’s longest established property management companies. Give us a call on 02 4954 8833 or pop into our Cardiff office for a chat.
And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.