Adam Empringham,
Director of Sales at Image Property.
3 tips for running a successful auction campaign
By Justin Nickerson, Apollo Auctions
Selling a property by auction remains the most effective way of securing the best price for it because of the competitive nature of the process.
Auctions are also valuable in changing market conditions when it can be tricky to read what the current market value could be for a property.
The very best agents understand these facts and ensure they are following a proven and successful system, to ensure they maximise every opportunity that an auction can bring to the sales table.
Of course, a happy vendor is always the optimal result for any agent, with the following three tips helping them to achieve a successful outcome for all.
1. Consistent dialogue
To maximise the opportunities and the experience for both buyers and the vendor, it is vital to always have consistent dialogue.
Depending on the location of the sale property, an agent must always be consistent when they are discussing price with buyers, including being aware of any legal requirements in this regard.
There is little to be gained from perpetually changing the price goalposts with buyers; instead, it may only frustrate them on auction day when the starting bid is well above their budgets.
2. Generate pre-auction offers
An agent’s ability to generate offers prior to auction is one of the signposts of potential auction success.
This is because securing pre-auction offers will help commit buyers to become the eventual new owner.
Of course, pre-auction offers also provide valuable feedback on price that will inform the seller on the potential current market value of their property.
This is valuable intel that can assist with setting the reserve price and provide the opportunity to discuss whether their ideal sales price is, in fact in-line with what the market is saying.
3. Communication is key
The very best auctions are the ones where there has been superior communication with buyers and the seller throughout the marketing period.
This includes regular communication with serious buyers in the lead-up to auction day so they know that their interest in the property is valued.
On the day of the auction, experienced sales agents are always available to provide further insights to buyers to help them bid with confidence, including providing advice on the auction process if they are not overly familiar with it.
From an auctioneer’s point of view, bidders who have a clear understanding of their auction strategy and the market insights they need help to create the right atmosphere for eventual success for all parties involved.
