Venturing into the real estate market as either a buyer or seller often culminates in the dynamic experience of engaging in an auction or observing your own property being put under the hammer.
Property InsightsStrategies for a successful auction day
Next ArticleStrategies for a successful auction day
Should you be actively involved in the real estate market—as a prospective buyer or seller—you may have to steel yourself for the exhilarating yet nerve-wracking experience of engaging in an auction or observing your own property being put under the hammer.
13 February 2024
With the capacity to significantly alter the futures of both buyers and sellers, often amplified by the auctioneer’s presentation, auctions naturally stir a blend of excitement, expectation, and apprehension for all involved.
Andrew Gibbons, an accomplished sales specialist and auctioneer at Marshall White, asserts that, depending on the specific property and its location, auctions can serve as the most effective sales method, providing an accurate reflection of the prevailing market conditions.
“For the best possible outcomes, it’s crucial for both buyers and sellers to come to the auction well-prepared, organised, and confident,” Gibbons advises.
As a particularly busy Melbourne auction season approaches, Gibbons shares key strategies for navigating the auction process successfully:
For Sellers:
- Choose your auction date with care, ensuring a clear four-week lead-up free of school and public holidays to maximise visibility.
- Decluttering and enhancing your property’s appeal through professional staging can significantly impact its attractiveness to potential buyers.
- Investing in your property’s presentation, such as landscaping, painting, and interior styling, can lead to substantial returns on auction day.
- High-quality marketing materials, including professional photography and videography, are essential, especially drone imagery for buyers viewing from a distance.
- Ensure the advertised price range accurately reflects your expectations and the market’s reality, as the auction offers a unique opportunity for sale.
For Buyers:
- Familiarize yourself with the auction process by attending various auctions to observe different auctioneering styles and bidder interactions.
- Inspect your chosen property thoroughly, opting for a building and pest inspection if you’re serious about purchasing.
- Introduce yourself to the auctioneer on the day, ensuring you’re in a position to have your bids noticed.
- Dressing confidently can enhance your self-assurance, and having friends or family for support can provide additional encouragement.
- Having your finances pre-approved ensures you’re ready to bid with confidence and act immediately if successful.
- For personalized advice on whether an auction is the right strategy for your property or for assistance in buying at auction, don’t hesitate to reach out to a member of the Marshall White team. They are ready to guide you through every step of the auction process, ensuring a smooth and successful experience.
If you need guidance on whether an auction is suitable for your property, or if you require advice on purchasing at an auction, don’t hesitate to contact a local Marshall White team member today.
