Getting the low down on auctions from Carol..

I have worked in the real estate industry for 7 years but it was only recently that I decided to train and become a licensed auctioneer. Typically in Western Australia, auctions are not as popular as in other states but this trend is starting to change as buyers and sellers alike start to recognise the benefits of selling a house via an auction.

To become a licensed auctioneer for several months I had to undertake extensive one-on-one training. This was done with one of WA’s best auctioneers, Boyd Fraser. There is nothing like learning from the best and Boyd certainly had a lot of knowledge and experience to share with me.

So who would you choose to sell your house via an auction? Well there are certainly many advantages to this method of selling. Here are a few of the reasons to consider an auction:

1. Auctions present a much quicker way of selling a home and this can significantly reduce the costs of having a property on the market for long periods of time under the private treaty method.
2. Many people often mistakenly think that selling via an auction costs more but the costs are not significantly higher and often represent good value for money.
3. An auction attracts buyers that are ready to buy and settle quickly.
4. A property sold at auction is sold unconditionally as it requires the buyer to be prequalified for finances and the property is sold on an ‘as is’ basis.
5. Auctions create immediate competition and can help push up the sale price that can often exceed the market value.
6. There is less pressure on the people selling the home as they are removed from the process of negotiating. The reserve price is set and the sellers are kept informed throughout the auction.

Hopefully this demonstrates how useful an auction can be when selling your home but when should you as a seller consider this sale option. When I speak with clients I try and establish what is important to them. If the following are identified as key to the sellers then we will discuss selling via an auction:

1. A quick sale time is required.
2. The property needs to be sold on an ‘as is’ basis
3. The property is likely to be highly sought after.
4. To create a new selling strategy for a property that may have been on the market for some time.

If you are considering selling your home and would like to try a fresh approach why not give me a call and we can talk some more about whether an auction might be the right way to get your home SOLD!