Top Tips for Auction Season

Auctions can be scary, but according to Ray White auctioneer Sam Kelso for the most part they are a good, clean way to do business. 

He has some top tips for vendors and buyers when it comes to auctions:

For vendors:

  • You have more control as a seller.
  • You have several weeks to find your buyer, advertise strongly and widely – don’t choose a cheap agent, but the one that has sold the most property around you and knows how to attract the right buyers.
  • Spend some money sprucing your property up, e.g. having professionally cleaned if necessary. A simple paint and updating of floor coverings makes a huge difference.
  • Choose a time of day that presents your home in its ‘best light’ for open homes.
  • Ensure there is nothing that will stop potential buyers from buying, eg. If you have unit blocks behind your home plant a row of tall trees or put up privacy screens or a sail etc. If you have plenty of time, consider getting a DA for a granny flat/home office in the back yard, it will add value to your home.

For buyers:

  • You know a seller is serious about selling.
  • Have your finances in place prior to setting out on your search like home loan pre-approval.
  • Pre-plan your Saturday schedule of inspections, spend time calling the agents prior to confirm each property is in your price range (and still available) so you don’t waste any time.
  • Once you find the right property ensure the agent knows of your interest so that they don’t sell it without including you.
  • Discuss the price expectations with the agent and then generally add about 10 per cent if it is going to auction.
  • Ensure you do your sums on price and give yourself an auction limit – you will be more relaxed and wont to be making rushed decisions whilst the whole auction crowd is staring at you.
  • If you are keen on a house but are not sure on price than the best rule is to make sure you are present at auction, you do not want to read in the Sunday paper that it sold below the price you would have been happy to pay.
  • Go and watch a few auctions to see how everything works.

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