The thud of a gavel accompanied by a thunderous “Sold!” is music that sends an adrenaline rush to auctioneers.
Yes, it could be said that one of the benefits of selling your property at an auction is the excitement of hearing and experiencing it in real-time. Other than this, selling your property at an auction has many advantages over a private sale.
Selling a property at auction is a fast process. In today’s sluggish market, selling at an auction can be a worthwhile investment for many sellers who are under strict time pressure, for various reasons, to sell. An auctioneer creates a legal, binding contract when they hammer the gavel. Auction sales take somewhere between six to eight weeks. It's a fraction of the time it takes privately selling a property.
Certainty of sale
Auctioneers always aspire to a 100% success rate because there is always a certainty of selling a property when it is offered from the stage.
Increased buyer interest
When a property is entered into an auction, it will be marketed extensively (catalogs, for-sale boards, ads, media coverage, and email newsletters) by the auctioneers.
The auction room is like an open forum, and the sale process is completely transparent. This provides sellers the knowledge that the best possible price for the property is reached. Setting a reserve price for your property also ensures that it is not sold for anything less than you would consider being acceptable. In the ideal scenario, competitive bidding results in a price higher than the reserve being achieved, but if that is not the case, the property will not be sold for less than the vendor will accept.
Effective marketing strategies in anticipation of the sale attracts a wide range of bidders to the auction. The open sales forum on the day and the atmosphere created in the auction room can be very busy and result in fierce competition between bidders, ensuring that the best price is achieved for your property. At Public Auction Finder, we regularly see competitive bidding leading to properties selling for significantly above the guide price.