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An auction allows potential buyers to compete for the property in an open forum which can result in a selling price that is above expectations. Knowing there will be competition for the property also makes the buyer reassess how much they would be willing to pay. An auction provides a true and transparent indication of the market value of the property.
Scheduling a date compels buyers to act now rather than biding their time. They know if they are not prepared to bid on the day they may miss out. If buyers are very keen to purchase, having an auction date set may also inspire them to make an offer prior to auction.
Marketing campaigns for an auction typically run for a period of 4 weeks, so that the vendors’ lives will be minimally disrupted by inspections. A drawn-out private sale campaign without a deadline can mean the vendor is preparing their home for inspection for many months.
Before the auction, the vendor can set a reserve price, which means the vendor does not need to sell unless that price is reached. This provides great peace of mind if the bidding falls short of expectations.
Once the contract has been signed, it will be unconditional and legally binding with no cooling off period. The sale will not be subject to finance approval, building checks or legal queries.
On auction day, when the marketing campaign has done its magic and the agent has brought together all the potential buyers, the result is now down to the quality of the auctioneer. An experienced auctioneer will build excitement about the property and create an atmosphere that engages the crowd. Through their spiel they will make every buyer believe that this property is the one for them so they cannot afford to miss out. A great auctioneer will encourage buyers to bid beyond the expected selling price.
At Marshall White, we have amongst our team some of Australia’s leading real estate auctioneers. While innate talent is a key component, our auctioneers receive dedicated and on-going training from some of the most respected and experienced professionals in the industry. They are educated to read the crowd and have the strategies to adapt to any scenario whether it’s a dynamic competitive auction or an auction that results in the property being passed in. Knowledge of the area is paramount if an auctioneer is to successfully sell a particular location’s attributes. Our auctioneers all specialise in their own localities and have a deep understanding of the local property market.
All of our auctioneers have a proven track record of achieving excellent results, so choosing an auctioneer can come down to a matter of style. Before deciding on an auctioneer, it is advisable to attend some auctions in person or online so you can see them in action.
During the COVID-19 pandemic, the restrictions on in-person auctions has led to a rise in the use of online auctions to sell property. The live-stream auctions, run on the Zoom platform, require buyers to pre-register with the agent and then bid in real-time. Online auctions work in the same way as public auctions but from the comfort of the buyer’s own home. Our agents have rapidly adapted to these streamed auctions, as have the buyers and the sense of excitement produces some excellent results for vendors. Click here to read our guide to online auctions.
Before I become totally engulfed in packing cartons I would like to sincerely thank Andrew Gibbons and the Marshall White team for the great effort you put into selling and marketing my property with such short notice. As you know I was thrilled with the outcome on auction day, which is what it's all about, however, I would also like to thank you personally for what I felt was an excellent, friendly but professional approach to the whole campaign, from the initial appraisal earlier in the year, your enthusiasm and confidence in obtaining a great outcome convinced me you would be the right man for the job and I was right. I’m sure you will have a great future in real estate.
With our home being in the family for over 100 years, the choice of real estate agent was not taken lightly. Chris Barrett from Marshall White stood out. From our very first meeting, at very short notice, Chris and Lisa Lou left no stone unturned to satisfy our needs. Coming from a large family and living in the country, the best way to communicate was through email which I could then forward on. After every inspection the information was excellent. We were very pleased with the result at auction and would not hesitate in recommending Chris Barrett and Marshall White.
Just like to thank the team for a job well done over the last month of selling our home. James Redfern was honest and calm with excellent experience that instilled us with confidence. Fraser Cahill was a true professional at all times with great enthusiasm and passion for his job. He was polite and upbeat to everybody he dealt with. He understood what buyers wanted and was careful not to push them or do the big sell. Thank you to Jack Bongiorno, the auctioneer extraordinaire, who read the crowd and managed the bidders beautifully! We highly recommend our team at Marshall White. Nobody could have done a better job. We would definitely use them again.
We were delighted to have Jack Nicol and the wider MW team sell our apartment - Jack was a pleasure to work with, gave us all the information needed to make informed decisions yet did not overburden us with too much to think about. When we hit a hiccup with the campaign, we received clear, concise and actionable recommendations - allowing us to take control of the campaign, rather than be dictated by the market. The honest and direct feedback is something that we truly valued and at no point were we pressured into doing something that we did not agree with. Jack also organised quotes for painters, stylists, cleaners etc. at very short notice - all things that we did not think about going into the sale!
Jack was a pleasure to work with. I highly recommend Jack and MW to any prospective buyers or sellers!
Five weeks ago my wife and I invited James McCormack from Marshall White Real Estate to discuss the sale of our property. From the first minute James impressed us with his honesty and knowledge of the local market. He made us feel at ease and gave us the confidence we needed to list our beautiful warehouse conversion. Throughout the campaign James kept us up to speed with the campaign and his trained eye was able to identify who the potential buyers might be. James even gave up his time on a public holiday to show a client our property. We were super impressed with James, his commitment was unbelievable. On auction day James ran an amazing auction. He engaged the crowd and his calm demeanour drew the crowd in and created a bidding war for our property. Thanks to James and his team we were able to achieve a record price for our property and we will always be grateful. We have no hesitation in recommending James McCormack and the Marshall White Real Estate team for anyone looking to sell their property. Thank you James.
In the past 14 months my husband and I have experienced both buying & selling through Marshall White. James Redfern ably conducted both transactions with Madeline Kennedy assisting him in the selling of our home in Canterbury. James & Madeline make a formidable team; they exude professionalism while also being genuinely personable. They were attentive and considerate in regard to our specific wishes for the selling campaign. They were always available to answer questions and consistently kept us informed of developments. While real estate agents do not always have an enviable reputation, those we met from Marshall White, in particular James & Madeline, have done much to supplant that commonly held perception. Given our extremely successful sale result, and the manner in which James & Madeline conducted themselves, we would have no hesitation in recommending Marshall White when selling your home.
We couldn’t have asked for a more professional team than Nicholas Hoo, Georgia Whitford and Sarah Balleggi. Nick ran a seamless campaign with the quality and professionalism of the marketing and exposure far exceeding expectations. Nick guided us through the process from property preparation to how best to position in the market with advice that was clear and honest. He confidently auctioned our home. We couldn’t recommend a better or stronger team to sell your property or to receive invaluable advice.
After two recent failed settlements on our Brighton home my wife Karan and I turned to Marshall White to make a third attempt at a successful outcome. After a short marketing campaign a most satisfactory contract has been signed. Furthermore, Stephen Smith, the principal agent handling the contract has enabled Karan and I to purchase another Brighton home that we were particularly keen to obtain. He even managed to arrange the same settlement date.
Both Karan and I have found Stephen, Barbara and all the supporting agents and staff at Marshall White particularly sensitive to all our needs and meticulously thorough in keeping us fully informed on the progress of interest in the property.We have found them to be highly professional and very personable to deal with. These sentiments are echoed by dear friends who have recently sold their Brighton golden mile property through Marshall White.
A real estate auction is a public sale of a property, usually conducted by an estate agent acting as an auctioneer. Governed by strict rules, it is advertised for a specific date, time and place.
Prospective buyers offer bids and the property is offered to the highest bidder if it meets the price set by the vendor. Bids will not be accepted after the hammer falls. The successful bidder will then be offered the contract to sign. At a real estate auction once the contract has been signed, there is no cooling off period.
The reserve price is a sale price that the vendor decides is an acceptable price for their property, below which they will not sell. The reserve price can be changed anytime up to the commencement of the auction.
In discussions with the agent, the vendor decides on a price that they would be happy to receive for their property. The reserve price is completely confidential between the vendor and the agent, but it should be high enough for the vendor to be comfortable selling but not so high as to deter bidding.
If the bidding does not reach the vendor’s reserve price the property may be passed in. The highest bidder is then given the first right to negotiate with the agent on behalf of the vendor. If they cannot agree on a price the agent can invite other bidders to negotiate a sale price.
While we have offices in Stonnington, Boroondara, Bayside, Port Phillip and Mornington Peninsula and our focus of activity is within these locations, our agents are able to conduct real estate auctions throughout Victoria.
Any type of property can be auctioned at a real estate auction. We have experience in auctioning a wide range of property including residential houses, units and apartments, vacant sites, developments, commercial buildings, schools, medical rooms, holiday homes, farms and deceased estates.
A date and time is set for the online auction, which will be conducted on a platform such as Zoom. Buyers can register their interest with the agent who will forward to them a Zoom link to the auction. With the Zoom platform, bidders can call out their bids to the auctioneer or bid via the chat option. Click here to read our online auction guide.
A vendor bid is not an actual bid to buy the property but is made by the auctioneer on behalf of the vendor to start the bidding or to further progress the bidding. It must be acknowledged by the auctioneer that it is a vendor bid.
