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Should I Auction My Home?

By Dan Sowden

Considering selling your home is a large decision. It’s often a lifestyle decision that affects your family the schools your kids attend, your travel time to and from work, your friends and neighbours.  Mix in the fact that you will most likely want to buy or rent another property as you transition from one to the next, timing also plays an enormous part.

Our role as a Real Estate Agency is to work with you through all these challenges first. We understand that almost every seller goes through a similar set of circumstances and we have over the years become well versed at creating a pathway for our clients to assist them in moving from one property to the next. So often the decision to come to the market becomes easier once you feel comfortable about what your next step will be and what it might entail.

Once the decision to sell is made; we as your marketing team then focus on one single outcome; How do we achieve for you the highest and best price for your property?

There are many factors involved here that are unique to each property, however the largest decision to make is that of your pricing strategy or better still whether or not to put a price on your home.

Should I Auction my Home? Is a question asked by almost every seller in their living room. The decision will always be yours, however here are my top 5 reasons for recommending owners should at least consider an Auction Strategy.

  1. No Price. The No price strategy means that at this early stage of selling your home you don’t have to make the decision on a listing price; removing the risk of potentially over pricing or under pricing your home in the early weeks of any campaign. Getting it wrong will cost you in the long run.
  2. More Buyer Enquiry. As there is no price to eliminate the interest of prospective buyers, we find Auction Campaigns generate up to 7x more buyer enquiry then properties marketed with a price.
  3. Competition. Achieving a record result for your home is only created through buyer competition.  Buyers that are forced to compete for the contract on your property will only do one thing, drive the price up. The Auction Process openly advertises a date and a time where the buyers must meet to bid on your property.
  4. Timeframe. Auctions provide a condensed and highly energetic marketing campaign that usually lasts around 5 weeks. By lifting the profile of your property above others in your area, we understand that with more potential buyers viewing your home you stand a greater chance of finding more and better qualified purchasers. The auction timeline also ensures the buyers need to make a decision before auction day.
  5. Unconditional Terms. There is no better feeling than knowing that your property has SOLD at a great price, auctions provide you with this through the Unconditional Contract. If you sell outside the auction terms, then most likely the buyer has a number of conditions to the contract for a period of time that allows them to potentially ‘change their minds’. The reality is that sellers with conditional contracts have a few sleepless nights and around 30% of all contacts are terminated due to various conditions and terms.

Once you make the decision to enter the Real Estate world I can promise you it won’t look the same again! Your nights will be spent browsing the real estate portals and during the day those real estate signs that previously had no impact on you will suddenly be 4 times the size and staring at you from every street corner!

Congratulations you have just crossed the line and moved into the property market, your life will never be the same again; mine hasn’t been for the last 14 years!

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