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Agents often encourage sellers to go to auction, is it something the professionals would do with their own home?

By Holly Clark

Last Saturday I was suited up ready for another day on the call. It was raining, which excites me about as much as a windy day excites President Trump.

I was concerned about the potential crowd size, due to the rain, and while it rarely worries bidders the size of the crowd can play a role in the energy of the auction.

The rain seemed to bring more than just green grass. It was overall a huge success with five of the six scheduled auctions selling before or at the auction.

The auction that was a clear standout was a cute house at 27 Winifred St, Clayfield.

The characters in this story help give insight into the richness of this auction story. The profession of the owners of the property is a great place to start. The lady is a property valuer and the man an auctioneer. There were 14 registered bidders and they were made up of two professional buyers’ agents, a former Wallaby and one of the country’s leading auctioneers out of Sydney looking to buy for himself.

So to spell it out, I was surrounded by experts and as the rain lightly danced on the roof the intensity inside the lounge room was at fever pitch. I took the gavel out of the holster, put the mouth guard in and prepared for battle.

The opening bid was $905,000 from the southern auctioneer, who was bidding via FaceTime and telephone through Christine Rudolph also from Ray White New Farm.

“Ten thousand more,’’ came the loud and immediate bellow from a professional buyers agent.

“One million, one hundred and eighty five thousand,’’ was the response from the southerner. What?! This tactic can suck the oxygen out of an auction, but not this day more bidders took up the challenge and after a brief pause in bidding with one of our other buyers’ agents the bid was increased to $1.29 million and the property was announced ‘on the market.

After one last fire fight the price was settled at $1.315 million and Jason Andrew the southern auctioneer was awarded the win.

As I reflected on the event and discussed the outcome with the owners, it dawned on me the surprising realty of the situation. The buyers were all very skilled in the art of negotiation. And the owners were well placed to independently assess the value of their property. Which would have made them all stubborn and ridged if negotiating privately.

In discussions with both parties they have all commented that the openness and transparency of the auction brought the deal together. The owners needed to see the bidders bidding to accept their feedback as market value and the buyers needed to see other buyers bidding to push past their expected price range.

To read the entire article, please follow the link below

https://www.realestate.com.au/news/agents-often-encourage-sellers-to-go-to-auction-is-it-something-the-professionals-would-do-with-their-own-home/

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