Auction DayWhen you’re thinking about selling your house on auction, your biggest concern is likely that you sell your property for a good price.

You probably just assume that selling your home on auction is going to be a semi-stressful process, because it’s a big life event, but it doesn’t have to be that way.

Here are 9 tips that will help you have a stress-free auction day AND process.

  1. Research

Become familiar with the auction industry, before you put your house up for auction. Visit other auctions and take in what it’s like. If you’ve been to an auction before, but it’s been years, the industry is always changing, so attend another one just to get a feel for the process once again. It’s important that you understand the auction process and the lingo used, so you can follow what’s going on come your own auction.

  1. Select the Right Agent

Find an agent who you value, trust, and connect with. If your personalities clash or you’re not completely confident in his or her abilities, it will only add stress during the process and on the day. Speak to friends and family for referrals or check out an agent who you follow online and benefit from.

  1. Make Sure You’re Not Second Guessing

Make sure your home is suitable to sell on auction, so that you’re not second guessing yourself or running into bumps. When you go into the auction process, you have to be completely confident that you’re making the right decision and that it’s the right decision for your property.

  1. Get Confident About Your Reserve Price

Be realistic about your reserve price, but, again, make sure you’re confident with it. A good real estate agent will talk you through the process and, as long as you’ve really chosen someone you believe is best suited for you and this process, you can trust his or her experience. Be completely open and honest with what you want and be open to input.

  1. Invest in Maintenance and Repair (if necessary)

Look at your property with a fresh eye. Are there any eyesores or issues that stand out? Are there rooms you could renovate to get a higher return on investment?  If your garden is full of weeds and could be refreshed, make it attractive so buyers want to bid higher. If you see chipped paint or a broken light fixture, fix it. Buyers will be inspecting your home from top to bottom to figure out whether they want to bid, and, if so, how much.

  1. Have All the Physical Preparations in Order

Make sure that all doors are unlocked or that you have keys on hand. Whatever you need to have ready come auction day, make sure it’s in order, so the process isn’t delayed. The last thing you’ll want to do come the day is run around trying to open up a garden shed or find specific details to answer a question.

  1. Prepare Yourself Emotionally

Come auction day, your property will either sell or it won’t. Be prepared emotionally for both outcomes and continue to remain calm amongst the buzz. Auctions are busy and often very fast-paced, but they can also be slow. Make sure you’re prepared for either outcome and reassure yourself that if one auction doesn’t go as you hope, there are always opportunities for more.

  1. Set Your Boundaries and Limits

If your property doesn’t sell, your agent may negotiate with the highest bidder. Make sure you’ve clearly set your boundaries and limits for the lowest offer you’ll accept. You don’t want to make a big decision under pressure, so map out your limits beforehand and do not go beyond them out of fear or feeling like you have to.

  1. Manage Your Expectations

While the property market is in favour of the seller and, reportedly, many homes sell for double their asking price on auction, manage your expectations. Every property is different and every location is different. Remain realistic and don’t expect a huge bidding war in your favour. If it happens, it happens, and that’s great!

Follow our blog for more helpful tips and to stay up-to-date on current real estate news.

If you have questions about selling your home or would like to speak to a real estate agent, contact us today. We’d be happy to offer advice.

 

The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.