5 Best Tips to Get the Best Auction Price for Your Property

An auction can be a nerve wracking event, but it can also be the best way to generate interest in your property and encourage competition in a way that will get you the best possible price for your property.

It’s not as simple as grabbing a gavel and opening the house up for auction, there are a few vital elements that will help ensure you get your desired result at auction.

Establish an Advertising Budget

In order to generate interest and maximize exposure, you and your agent will work together on an advertising campaign that will put your house in the public eye. It’s important to discuss your advertising budget with your agent and agree upon the duration, media and marketing tactics. This budget is usually between 0.5 – 1% of the sale price of your home.

Open House Viewings

Open house viewings are essential to generate serious interest in your property. You’ll be able to work with your agent at the beginning of your advertising campaign to schedule in these viewings in a way that will maximize exposure and interest, as well as fitting in with you and your needs.

It’s vital to have your place looking its best during these viewings. Highlight your house’s best features and ensure the home is clutter free and neutrally decorated in order to best capture the imaginations of potential buyers. If you’re expecting interest from overseas or interstate, consider making a short video for those who cannot attend the open house viewings.

You can even hire professionals who can prepare your home for viewings in a way that will maximize its appeal. These are the people who make a living off creating appealing display homes and preparing interiors for photo shoots and viewings, a professional in this field may be a very worthwhile investment.

Select a Reputable Agent

Be sure to put some serious research into selecting your real estate agent before you choose, as you want to ensure you’re getting the best possible representative working toward the best possible result.

Consider their sales and auction history, their past results. Check out current and past advertising campaigns to determine whether they will suit your home, your budget and your target audience. Choose somebody who has earned themselves a reputation as an effective salesperson and has a proven record of successful auctions in your area.

Agree on an Auctioneer

Much like choosing your agent, you should carefully select your auctioneer. Having a professional and successful auctioneer can work wonders on creating a productive auction environment. An engaging auctioneer can add excitement and generate interest amongst bidders on auction day. Don’t be afraid to attend a few auctions to check out auctioneers’ style and skills.

Set a Reserve Price

Agree on a realistic reserve price. Research comparable auction sales in the area to help you choose a reserve amount that is both practical for the market and acceptable to you. Once you meet your reserve price at auction, your house is considered to be on the market, so you must be happy to let the property go at this chosen amount.

By following these five simple rules, your property will be on the fast track to generating a swell of competition and ensuring you the best possible auction result. Research and hard work, with a little professional help, is the best way to walk away on auction day with the price you’d hoped for.

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