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The “game-changer”

There’s an underrated player at in-room auctions with the ability to turn the biggest of events on its head. I call this person the “game-changer”. So who is this elusive but almighty character and why are they so incredibly powerful in deciding the value of property going under the hammer?

The “game-changer” is one of the rarely spoken advantages of an in-room auction for a seller. They are but one bidder in a large pool of captive buyers, all contained in a climate-controlled room. These buyers are bidding unconditionally which means they’re pre-approved and ready to seal a deal…in the case of a “game-changer”, this often means any deal.

Having already spoken with the bank, prepared themselves for buying, told friends they were going to purchase, and perhaps even have urgent needs to snap up property, the “game-changer” isn’t afraid to bid on and buy real estate other than the original lot they’d set out to secure. 

Around a year ago, a well-known Brisbane identity turned up at one of our auction events to bid on a property for around $10m. While waiting for that property to go under the hammer, they bid on another property which was on the market for $4m. This “game-changer” ended up being the underbidder but certainly played a significant role in the eventual price for the seller. 

Three months ago at The Calile Hotel, a buyer missed out on the first lot which was a house. He remained in the room and bought the second lot, which was a block of land. 

Last month, at our successful Auction Under the Stars event at Howard Smith Wharves, a buyer was there to bid on a blue-chip New Farm riverfront home which ended up selling for $8m. He asked me to send him through the order of sale, familiarised himself with our other listings at the event and bid on another property. While unsuccessful, this “game-changer” also had an impact on the eventual price of the other property. 

In-room auctions are purpose-built to sell real estate, and the “game-changer” is a seller’s best friend (and a handy asset for agents too). 

I hope you enjoy the read.

Matt Lancashire