REIWA (Real Estate Institute of Western Austraila) have released figures highlighting that the lowest time on market for a property is by Auction. This term normally scares many buyers and likewise many inexperienced agents. If an auction is done well, you property has success rate of around 70-80% in the first 60 days.
An auction’s success is not determined by the auction day and if your property sells under the hammer. Not every buyer can purchase at auction so we have interest normally waiting for just after the auction should the property “pass in”. For a full summary of Auctions, please see the article on this website. The reasons auctions work very well is due to a few major points.
- There is no price, therefore we see more buyers
- There is an end date to the process, buyers need to have made their decision
- Competition pushes up price
- More exposure to market
If auctions aren’t your preferred method, you can create the similar experience without the public show. Expressions of Interest – (EOI) or Price on Application (POA) can also generate more viewings but needs to be handled correctly by the agent. Buyers want a price expectation and if your agent is not helpful with providing proof of sales or generating feedback from those buyers without upsetting them, they may just leave assuming the owners want too much for the property.
The last method, should you wish to go normal sale with a price, is to invest a bit more money in marketing providing more exposure for your house.
Be sure to discuss your options with your agent and pick the method that suits your needs.
No comments:
Post a Comment