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Selling by Auction

By REISA on 17 July 2020

It's worth discussing with your agent whether auction is suited to your property.

There are many advantages to selling your property by auction:

Auction is a three pronged marketing push. You may be able to sell your property before auction, on the day of auction, or in the event the property is passed in, directly after auction
You are able to set the reserve price, settlement date and any other terms, to suit you
The auction process creates a sense of urgency, buyers have a definite timeframe in which they must act. Buyers see other purchasers rather than you, as competition. Auction creates a competitive environment
With sale by auction, all contracts are unconditional and no cooling off period applies
The first step in selecting the right auctioneer is to choose someone with a proven track record and knowledge of the particular area. In most cases, you will have already entered into a Sales Agency Agreement with an agent who will act on your behalf in marketing the property prior to auction. The agent, if qualified as an auctioneer, can conduct the auction for you. Alternatively, they can recommend an auctioneer to you or you can choose your own. All auctioneers must be registered under the Land Agents Act.

You have the right to set the reserve price, so you can be assured that the property can't be sold at less than this price. Consult with your auctioneer when setting your reserve price as they will be familiar with recent sales of similar property in the area. Remember to be realistic when setting the reserve price, bearing in mind supply and demand in the area as well as other general market considerations.