When you’re looking to sell your property, choosing the right method is important as there are pros and cons to each approach. While you may have to first ask yourself, “is my home suitable to sell at auction?” here are six reasons why you should sell your property on auction:
- It Creates Competition
The nature of an auction means that there is a competitive bidding environment. This competitive environment helps create—in a shorter amount of time—an emotional connection between your property and a potential buyer. A competitive environment could increase your property’s selling price and your profit.
- It Establishes an End Date
A set date of sale helps ensure that your property doesn’t sit on the market. Itreates urgency with potential buyers and a structured selling plan. If potential buyers inspect your property prior to the auction, they have seven days to be ready and make a good bid.
- It Attracts More Potential Buyers
Through open for inspections and auctions, you have access to more potential buyers. In a competitive environment, more potential buyers may be willing to bid above the budget they originally set.
- It Can Maximise Your Marketing
When you’re selling a property, you have to invest in marketing anyway. With a set auction date, you’ll have a higher impact marketing campaign condensed over a shorter span of time. This higher impact campaign may help you attract the maximum amount of buyers as quickly as possible, which allows you to get the most out of the investment.
- It Reduces Days on the Market
With a set end date, auctions help reduce the days your property sits on the market. The sense of urgency it creates gets buyers to take action immediately and often stretch themselves to get their dream home.
- It Establishes an Unconditional Contract
At auction, a buyer is immediately bound to a contract. You, as the seller, are able to move forward knowing that the buyer doesn’t have a cooling off period.
If you have questions about buying a home or selling your property, contact us to speak to a qualified real estate agent. We’d be happy to offer advice.
You can also check out our blog for more helpful tips and information.