{"id":5887,"date":"2017-08-25T01:00:51","date_gmt":"2017-08-25T01:00:51","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/auction-day-tips-for-sellers\/"},"modified":"2017-08-25T01:00:51","modified_gmt":"2017-08-25T01:00:51","slug":"auction-day-tips-for-sellers","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/auction-day-tips-for-sellers\/","title":{"rendered":"Auction day tips for sellers"},"content":{"rendered":"

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On TV, auctions look simple. A fast-talking auctioneer stands in front of a property and takes bids from eager would-be buyers, before the hammer drops and it\u2019s sold amid a flurry of waving hands and pointed fingers.<\/strong><\/p>\n

In the real world though, it\u2019s more complicated. And it\u2019s in the best interest of all sellers to understand the popular sale method, from marketing to reserve prices and everything else in between.<\/p>\n

Industry expert, WBP Group executive chairman Greville Pabst, explains the auction process and what sellers need to know.<\/p>\n

\"preparing<\/p>\n

It\u2019s in the best interest of all sellers to understand the popular sale method. Picture: Getty Images<\/p>\n<\/div>\n

Before auction day<\/h2>\n

\u201cThe agent will run a marketing campaign, usually for four to five weeks, before the auction date,\u201d Pabst says. This involves advertising and showing the property, liaising with potential buyers and providing contracts.<\/p>\n

Then, the day before the auction, the agent and vendor talk numbers. \u201cThis is a conversation around expectations on price. The feedback received during the campaign will be an important part of this,\u201d he says.<\/p>\n

About to go to auction? Make sure you\u2019re prepared.<\/strong><\/em><\/p>\n

The reserve price \u2013 the figure at which the auction becomes \u201clive\u201d \u2013 is also be agreed, as well as any potential vendor bids; a device used to encourage bidding.<\/p>\n

\u201cThe agent will run through the process for the auction day too, so the seller is fully informed,\u201d Pabst says. An auction can either be held onsite at the property or in another location, like a boardroom.<\/p>\n

On auction day<\/h2>\n

There are strict rules about how auctions are run and rules differ from state to state, Pabst explains.<\/p>\n

At least 30 minutes before the auction, the agent is required to display certain documentation about the property and verbally provide set information to potential buyers.<\/p>\n

\"MANLY<\/p>\n

There are strict rules about how auctions are run and rules differ from state to state. Picture:\u00a0AAP Image\/Ryan Osland<\/p>\n<\/div>\n

In Victoria, for example, the auctioneer must tell bidders:<\/p>\n