News & Insights
If you are currently in the real estate market, either to buy or sell a property, chances are you may have to face the nail-biting prospect of having to bid at an auction, or watch your home go under the hammer.
With life-changing factors on the line for both buyers and sellers, and a sense of excitement and urgency created by the auctioneer on the day, auctions can certainly cause an adrenalin rush for all parties involved – including the auctioneer!
Marshall White’s Andrew Gibbons, an experienced sales agent and auctioneer, said that depending on the property and the location, auctions can be the most effective method of sale as they provide a true representation of the current market.
“But it is important that both buyers and sellers are prepared, organised and confident that they have done everything possible to ensure the best results,” he said.
With Melbourne’s Autumn auction season almost upon us,
Andrew provides his tips to achieve auction day success.
1. Plan your auction date carefully. Aim for a ‘clear calendar run’ in the four weeks leading up to the chosen date, trying to avoid school term breaks and public holidays.
2. Declutter. Declutter. Declutter. Your Sales Agent will be able to advise you on what needs to be done and can help organise professional contractors to assist.
3. Invest in preparing your property for sale. This may include a garden overhaul, painting, general repairs, and high-pressure cleaning as well as interior styling. Generally, every dollar spent on styling and preparing your property for sale will be returned three-fold on auction day.
4. Invest in photography and videography. Property marketing is ‘visual’. Beautiful photos and videos are key to selling ‘the dream’. Drone photography is particularly important for international and out-of-town buyers to be able to pinpoint a property’s location and land size.
5. Right from the start, ensure that you are comfortable with the advertised quoted price range. You only have one shot at auction, so it’s vital your expectations are in line with the market.
1. Go to as many auctions as you can to see how they work and what each auctioneer’s style is like, and how bidders interact with them.
2. Inspect the property as many times as possible in the lead-up. If you are sure this is the property for you, invest in a building and pest inspection – this will give you peace of mind.
3. On the day, introduce yourself to the auctioneer and stand close to him/her, maintaining eye contact, so that your bids are acknowledged.
4. Dress for success! Buying a house is a major, potentially life-changing event and looking the part will give you extra confidence. Also have trusted friends or family members along for moral support.
5. Make sure you have your finance pre-approved – and you are ready to go.
If you would like to find out if an auction is suitable for your property, or if you would like assistance and advice on how to purchase at auction, please contact a Marshall White Sales agent at any of our seven Melbourne offices: Stonnington, Boroondara, Balwyn, Bayside, Port Phillip, Manningham, and Mornington Peninsula.