08 Dec THE PILLARS OF SUCCESS IN PROPERTY AUCTIONS
What does it take for a property to be sold on auction day? Is its success dependent on the auctioneer? Is it dependent on the abundance of money? Or is it dependent on something else? Why do some properties get sold on time while others get passed in? Why do some properties sell more than others? The good news for sellers like you is that you are empowered to make a series of choices that contributes to a successful outcome. We just happen to want to share our secret so you can proactively intervene and enjoy a rewarding sale.
The moment you decide to sell your property, you’ll have a think about whether to do it on your own or to do it through a real estate agency. While each option has its own pros and cons, with the current market condition, working with a real estate agent is a viable option.
There are a lot of real estate agencies and agents out there, and at times, you’ll feel the pressure of identifying ‘the chosen one.’ Among other factors to consider, success rate takes the most importance. Why? That’s because auctioning a property is governed by the idea of creating an impetus – a sense of urgency among potential buyers to become the successful bidder.
Creating a sense of urgency requires deployment of a marketing craft that takes years to hone. To get started, create a list of the real estate agencies and agents in your area. Afterwards, go online and compare their auction history. Take note of the quantity of properties they were able to sell around your neighbourhood versus the number of properties that were passed in.
Finally, contact your top agencies and talk about the strategies that they employ when it comes to selling a property. Ensure that they know about your goals in selling so you’ll talk about possible strategies in the context of your needs (and wants). Note that the strategies they’ll offer is the backbone of their success – it represents the keys towards their track record.
One reason working with a real estate agent is beneficial has to do with pricing your property. Often, selling your property on your own leads to challenges when it comes to the logical identification of value. In essence, pricing your property is directly related to the number of potential buyers it attracts. That’s why professional advice is important.
Setting the right price for your property is dependent among different factors as follows: the prevailing prices of other properties in your neighbourhood; the current atmosphere of the real estate market on the local, regional, and national levels; the purchasing power of money; and the factors in your property that justifies your asking price.
The final pillar that makes a successful property auction has something to do with your property. At open house, is it presentable enough to entice potential buyers? Does it have the necessary amenities that answer the needs of its potential owners? Does it have the qualities of a property needed to create a sense of interest, if not competition? Is it spruced up in a way that justifies your asking price?
These questions are only answerable by a property makeover professional or a property stylist. Having a fresh set of eyes cast upon your property is an effective way to identify the merits and the opportunities of your property. The good news is that, property makeover professionals also work with real estate agents. Such strategic partnership allows for value to be created not only by making your property presentable but by adding essential features that appeal to potential buyer’s interest.
Always remember that potential buyers respond to what a property offers; that’s form and function coupled with the classic norm in real estate: location, location, location. If your property elicits enough emotion from buyers, you know you’re at a good start.