If you have a property to sell, you want to get the highest possible price for it. One way you can achieve this is to sell your property in an auction. Your property can sell for more than the expected price in an auction due to competitive bidding. However, you will need an auctioneer to ensure that your property gets noticed by the right audience in the right locations. Here are a few tips to aid you in finding the best auctioneer for our property.
Check for Specialization
Some auctioneer companies specialize in particular property types like residential homes, commercial buildings, or agricultural land. Take your time to check the expertise of the prospective auctioneer you are considering. Go for a specialist if you require one to make the most out of your property. Many property auctioneers in Melbourne have a team of staff with varied specialization; a team member may specialize in investment properties while another is an expert in residential homes. Request for copies of the firm's recent auction catalog. This information will depict the auctioneer's experience in selling property similar to yours.
Check their Location and Market Reach
While it is easy to go for an auctioneer close to your home, this is not always ideal. Local auctioneers have excellent knowledge, which may help your property sell at the best price. However, they often hold auctions in smaller venues that mainly attract residents. This limits the pool of buyers. National auction houses often include many different properties from various parts of the country in a single auction. They usually hold their auctions in big towns and cities, which likely attracts many buyers. They also have regional centers from where they sell property from each area but market all upcoming auction lots nationally. Their locations are easy to access and therefore attracts a variety of buyers.
Consider the Terms of Appointment
Another crucial aspect to check when selecting an auctioneer is their terms of appointment. Slight variation can occur in the fine print, so ensure you understand the agreement fully. Some auctioneers will insist on being the sole agent for your property before the auction. Others will let you continue marketing your property in other places before the sale. Some firms will charge an extra fee if the property does not sell at the auction or sells early. Do not hesitate to look for another auction house if the terms of the appointment do not suit you.
Extensive Market Reach
For you to make the most out of your property, the auctioneer you select should be able to amass a large number of individuals to bid on your property. The company should therefore have a clear marketing plan. Good firms will have links with estate agents, property websites, and trade publications to market your property to a large audience. Such auctioneers can purchase classifieds, advertise in estate agents' windows or include your property images and information in reputable property websites. These promotional channels will ensure prospective buyers know the location and time when the property will be auctioned and increases the chances of a good sale.
Check if they Offer any Conveniences
Ensure you find out how easy they can make the bidding and selling process. For example, check if the auctioneer provides absentee bids if you cannot always attend the sale. Also, enquire if they offer absentee bids for free or if they include the charges in your auction. Another convenience that benefits the bidders is the ability to place bids online. As a property seller, you want to take advantage of the internet for a successful auction.