Can you take the property to auction if you have already been on the market at a price?
I often get asked this question.
The answer is a resounding and absolute YES! Some of the best results I have had have been from sellers who have tried an alternative method and have been unsuccessful. Auction is another strategy and a very powerful one at that. What auction does is strip price off the property and gets buyers judging the property on its merit, not the price.
Auction is a great way to reinvent the property. We’ve all heard the saying “the height of insanity is to keep doing the same thing and expect a different result”, here are some reasons auctions work so well:
- Creates multiple competitive environments to sell
- Skilled 3rd party negotiator in a contract auctioneer
- Period of time to receive buyer feedback to assist in setting the reserve
- Removing price from the equation gets buyers to judge the property on merit not price
- Transparent public negotiation
- Vendor bidding
Just to name a few
Ways to help reinvent the property…
- Change up the photos to make the property look different online
- Reboot the property to take it to the top of realestate.com.au
- Tell the story! Buyers always ask, “why are they selling?”, so if you go on the front foot and tell them why you are selling, it will motivate them to come to the property.
- Use headings like “NOW SELLING”, “WILL MEET THE MARKET”, “WILL BE SOLD”,
- Re-do the property description and sell the sizzle, meaning tells the buyers why you loved the home rather than what it has.
- Invest in some print advertising
If one strategy isn’t working, try and try again. Auction is a great way to create competition and if buyers compete for your property, the highest price will be produced. You have nothing to lose, so why not give it a go!
At my upcoming FREE half-day Real Estate Brilliance webinar, I go over my 5 Stage Selling Strategy with Auction Option which goes over the many methods of sale that the seller can choose from. If you’d like to hear more about this, make sure you register today by simply clicking the button below.