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An auction is the only forum where you can see your competition and trump them

By Holly Darwon

RECENTLY I had the absolute pleasure of auctioning one of the most beautiful homes I have ever seen.

It was a stunning Tudor home that a timber merchant had built for his daughter as a wedding present in the 1930s.

The home was today owned by a lovely family who had moved in about 13 years ago when it was only two bedrooms. They grew the home to five bedrooms with a luxury extension upstairs. But their children had now moved out it was time to hand it to a new family.

As the crowd swelled on that Saturday afternoon it was obvious that the owners had been significant contributors to the community, because neighbours, friends and family had taken over the tennis court and there was a celebratory atmosphere in the air.

Bidding opened at $3 million and rose quickly in $250,000 until it paused at $3,750,000. I had discussions with all of the registered bidders. There was a young family, with two little children, who had registered.

They were unsure about the benefit of increasing their bid at a public auction. This is a common question. I asked them if they saw value above the current offer, to which they said they did, but were again reluctant to increase the bid.

I further explained to them that an auction was the only forum where a buyer could not only see their competition, but they had a right of reply, even if the owner was prepared to accept the other buyers offer eg. they could bid again.

The buyers related to the benefit of seeing their competition, so they were prepared to increase the price to $4 million. For this they were rewarded with the owner putting the home on the market and then the purchase of a truly remarkable home.

To read the entire article, please follow the link below

https://www.realestate.com.au/news/an-auction-is-the-only-forum-where-you-can-see-your-competition-and-trump-them/

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