The auction process is, in my opinion, the best way to have multiple interested buyers actively competing to purchase your property, in the one place, at the one time, in a fair and transparent environment.
One of the ways we are able to do this is because the word ‘auction’ eliminates the displaying of a price during the marketing period leading up to your auction, which, under other selling methods, may actually eliminate a potential buyer from ever inspecting your property.
Instead, we invite the marketplace to inspect the property at multiple times throughout the campaign, and ultimately let them decide on what the property is worth based on agent insight, comparable sales, the current availability of comparable properties, and of course the emotional factor of them finding their dream home, and their desire to secure it on the day.
The auction date essentially tells the market that this property will sell in 4 weeks, so is often coupled with a high impact marketing campaign to ensure the property listing stands out in both print and online. The maths is simple – the more people that see the home, the higher the likelihood of an inspection, a contract request, and another bidder on auction day.
Naturally, this finite timeframe also creates urgency – the property is now a ‘limited time only’ commodity, so potential buyers are encouraged to get their inspections, reports, and finance in order all before auction day.
One of the other benefits of auctions for both seller and buyer is that there is no ‘cooling off’ period – A sale under the Benson Auctions hammer triggers a process whereby contracts are signed and exchanged immediately, with a full deposit – typically 10% of the purchase price – also being secured. Both seller and buyer can rest assured knowing that the deal has been done.
If you have any other questions relating to the auction process, please feel free to contact me at anytime.