News & Insights
When the day arrives, your Marshall White auction day team will be with you every step of the way, to help guide your through the process, ensure the best possible outcome, then celebrate with you at the end.
In the prestige property market, auctions are considered the most successful method of selling. An auction campaign gives the vendor and buyers a firm closing date and provides a very clear indication of market activity. Marshall White Director and leading Auctioneer Justin Long explains the Auction Day process.
What happens on Auction Day?
Before you even awake, the team has been out setting up flags and signs. Your sales agents will arrive around 15 minutes before the final Open for Inspection is due to start, and they will help with any final touches to make sure the home is ready, and that all the required documentation is on display.
After the final Open for Inspection, there will be a pre-auction meeting with the vendor, sales agent, and auctioneer. About 5 minutes before the auction is due to start, the team will confirm the potential buyers in attendance, the reserve will be set, and an opening ‘vendor’s bid’ will be agreed upon to use, if required. The vendor will be directed to their separate location, usually a room inside if the auction is being held outside, so that private communication can take place throughout.
The auctioneer will usher the crowd to the preferred auction location, usually either on the street or in the front or back garden and begin the auction. Marshall White’s team of expert auctioneers are just as excited for your house to sell as you are. Our auctioneers follow the methods and principles set down by the late great Marshall White, regarded as one of Melbourne’s most passionate auction advocates.
The vendor will be communicated with throughout the auction and strategic breaks will be taken so the auctioneer can check-in. Once the bidding reaches the pre-determined reserve level, the auctioneer will announce the property is on the market and will be sold without delay.
What if we don’t reach the Reserve?
With one of Melbourne’s highest success rates for selling prestige properties, Marshall White auctioneers are confident that if your property doesn’t sell publicly on the day, they will most probably be able to negotiate a sale soon after. If the bidding hasn’t quite got to the reserve, the highest bidder will be brought inside to see if a sale can be negotiated.
Time to Celebrate.
If the property has sold, the buyers will sign the documentation, and the ‘Sold’ sticker will be put in place. Afterwards it’s time for champagne, celebrations, and to let out a big sigh of relief.