Learn how the auction process can work for you
In recent years auctions have become an increasingly popular method of buying and selling homes. Why? Harcourts
National Auction Manager Richard Valintine says unlike the past when
auctions were primarily used for special homes that were difficult to
value or for mortgagee sales, auctions are now popular for all property
types and in all price brackets.
is probably in part because of the exposure auctions have had on
reality TV shows, but also because the market is now more sophisticated -
both sellers and buyers better understand the benefits of auctions, and
certainly within Harcourts we have increased the focus on auction and
Mr Valintine says with auctions there are benefits for both buyers and sellers.
key benefit for vendors is that auctions are on a cash and
unconditional basis and are preceded by profile marketing campaigns that
flush out more buyers, so owners can rest assured that when they sell
it will be to the top bidder, not just the first buyer as often happens
with traditional methods,” he says.
auction date also adds urgency and offers an impetus for potential
buyers to act. Bidders must have done their homework and organised their
finances before they can bid – so there’s a deadline to work to. Plus
the competitive nature of auctions can spur them on further on the day,”
Auctions are also advantageous for buyers, Mr Valintine says.
can be certain they are dealing with motivated sellers, reflected by
their willingness to invest in good auction marketing campaigns in order
to get a result. Further, anecdotal evidence suggests many of the best
properties are taken to auction, so the choice of properties is good.
addition, at an auction buyers can compete on an equal footing with
others and everything is out on the open. They can track their
competitors’ bids and control theirs – and if their bid is accepted it’s
a done deal in a very timely and straightforward fashion.”
Let your Harcourts sales consultant know if you are seriously
interested in a particular property that is up for auction so that if
another buyer submits a pre-auction offer you will be contacted and
given the opportunity to do so as well.