Not all auctions are like they appear on ‘The Block’…
Auctions are a high-energy event, but there is some strict don’ts leading up to auction day.
1. Don’t talk about your selling price to anyone including the neighbours
I know it can be hard, but you need to keep the price you would sell for to yourself. Disclosing the reserve price or what you would sell the property to anyone, increases the chances of potential buyers finding out. Chit-chat spreads quickly and you don’t want potential buyers to be one step ahead with this insider knowledge. It can also turn people off if they think the price is too high. Privacy is key!
2. Don’t have friends of family interfere with the bidding
Whilst it is great to be surrounded by family and friends at the auction to support you on the day, make sure they aren’t tempted to make a dummy bid to help begin the bidding or even to inflate the price. Not only is it illegal, you don’t want to scare away buyers by appearing to have ‘ veryeager’ bidders. Of course if your friends or family want to buy your place then make sure they hold those paddle high.
3. Don’t set your reserve too high
We’ve spoken about reserves earlier, but when setting your reserve for your property don’t make it unrealistic. Setting a price that is too high can turn off buyers who would be willing to pay the market value for your property. Take on all the inspection attendees feedback. At Reliance we have a one on one meeting with you, the vendors to evaluate and prepare for auction day.
4. Don’t panic if it doesn’t sell during the auction
If your property doesn’t sell at auction – don’t panic. We are experts at negotiating successful sales after auction. In our experience auction day yields a sale on the day or flushes out interested parties to negotiate with that results in a sale soon after the auction.