Guest Article – 6 Tips to Ensure Your Property Auction Goes Smoothly
Welcome back to the new year readers. I hope everyone had a wonderful Christmas and New Year period, now it is back into it!
Today I post a guest article from John Cole, a writer for Buy My Place who shares 6 Tips for Ensure Your Property Auction Goes Smoothly.
6 Tips to Ensure Your Property Auction Goes Smoothly
In the modern market, selling your property without the help of a real estate agent may seem like a pain in the neck but it does pay off if you do it the right way. The best thing about an auction is that you don’t have to worry about figuring out the real value of the property, as the bidding begins the property’s real value starts to emerge on its own. It is possible that in the end as a seller you receive a higher price than what you asked for. And guess what; you don’t have to deduct commission from it either.
Here is how to do it right.
1. Get to Know How it Works
Before you set your own auction, visiting a few auctions and seeing firsthand how they go is advisable. This way, you will be equipped with the knowledge on how everything works. When your auction is set, you will feel a lot more confident.
2. Do Your Homework on Advertising the Place and Auction
Make sure that you research ways to advertise and campaign for your property, there are a number of service providers that can help you with your DIY property auction.
3. Determining the Value of the Property
Professionals recommend that you set a minimum price at which the market value of the property is set. Remember this is not an easy task you must be in the end realistic with the figure you come up with. Know the strengths and weaknesses of your property. When you know them it is easier to eliminate the weaknesses.
4. Sprucing up the Place
Prep your property to be better than that of your rivals. It is possible that many people who attend your auction may have attended others as well, and they might decide that your property really is better than a lot of other units in the market, making it valuable and this resulting in higher bids.
5. Consult a Professional
If you are not going to hire one and you have never gone DIY with an auction before, you might not want to skip this particular step. Hire a consultation service to explain to you the contractual obligations in terms of the Auction Mandate and the Sales Agreement. Make sure that you ask them your options on the type of auction you can set up, the costs attached etc.
6. Prep To Make a First Impression
Auctions give prospective buyers limited time to view the house. Therefore, it is important that you perfect that first impression. Make sure that everything is pleasing to the eye and super attractive to what someone moving to your area might be looking for. The viewing is usually scheduled only a couple of hours before the auction so that prospective buyers do not have that much time to go over their decision. The sale itself is wrapped up in around 30 days.