Real Estate Auction Tips For Vendors - Real Estate Agent in Thomastown

Real Estate Auction Tips For Vendors

1. Choose the right agent and auctioneer –

These are debatably the most important people involved in your auction. Your agent and auctioneer will have a big impact on the outcome of your auction, so it’s imperative to take time to find the right partner to help you sell your home. Choose someone with a proven positive history, look at the agent and auctioneer’s recent sales in the area, and make sure your auctioneer is registered under the Land Agent’s Act.

2. Set your reserve price –

As the Vendor, you can set the reserve price with your agent. Look at previous auction results in the area to get an idea of how much you can expect from your property, and consider the supply and demand during your time of sale. Make sure you’re not picking a holiday time, as people aren’t usually keen to buy during these periods. Talk with your agent and make sure you pick the peak time to sell your home.

3. Spend time preparing your home –

Whether it’s styling your home or making renovations to increase your property’s value, little changes can boost the appeal of your home in order to attract potential bidders. Keep your house looking nice all the way until auction day – you never know when a prospective buyer is looking. Speak with your agent about hiring furniture for Auction day if you’ve already moved out, as buyer’s like to see the appeal of the home and having the house styled helps greatly with this.

4. Advertising price –

When advertising your property prior to the auction it is necessary to give prospective buyers guidance on price. The advertising price should be set in accordance with the comparative market value of the property and with consideration of the reserve price. Speak to your agent in depth about what’s right for your home. Some buyers will not contact the agent if they see the property advertised for auction without an indicative price range so it is vital to provide this information to them, the more open and clear you are about it, the more people will seek more information!

5. Social Media Marketing –

In order to for you to have a successful auction and get the sought after price for your home, it is essential that you utilise social media advertising to attract as many prospective purchasers as possible to your auction. This is done by advertising the property in every possible medium and also making sure that all the neighbours are invited. Having a large crowd at an auction creates a perception to prospective buyers that there is strong interest in the property and that they need to bid in order to purchase the property. Even invite friends and family!


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