A successful Auction

How You Can Run A Successful Auction

A successful AuctionAuction is becoming increasingly popular as a method of sale in Australian real estate. Although anyone can run one, getting it to the point where it’s successful and fetches good prices for the properties is another matter entirely.

In this article, we’re going to talk you through what it takes to become an auctioneer, as well as the path you need to follow to ensure your auctions are as successful as they can possibly be.

What does it take to be an auctioneer?

Many real estate professionals don’t actually set their course for auctioneering – instead, they fall into it after realising what a strong channel it is.

Auctioneers’ accreditations aren’t hard to achieve and anyone can enrol for the required qualifications. Although anyone can become an auctioneer, there are, however, some people who are better suited to it than others. If you struggle to get your mouth working at the same speed as your brain (or vice versa), you might have to put in a bit more work than your competition.

The key to a successful property auction

Many real estate professionals agree on three core principles that can make or break a property auction.

1) Clarity between agents and auctioneers

Ensuring that there’s a clear understanding between agents and auctioneers is an essential aspect of real estate auctions. If there’s a slip-up in communication, it can have seriously detrimental consequences.

For example, if the agent forgets to mention one of the key USPs of the property to the auctioneer, the accepted bid could be much lower than expected.

2) Being prepared

You should always prepare yourself, the buyers, and the vendor before auction day. By doing this, you’ll make everyone feel more comfortable and address any hesitations that there might have been.

3) Going with your gut

In auctions, everything happens within a very, very short period of time. Depending on your level of experience, trusting your instinct when making judgement calls is an essential tool to have in your arsenal.

Keeping an auction alive and open

Unfortunately, not all auctions can be treated with the same approach. The first thing you’ll want to judge is the overall momentum. If it’s dropping, try to find out why.

Is it because the highest price has been reached? Could there have been a really big sale recently, leading buyers to want to sit back and observe?

Despite what you might want, never try to go against the current of an auction. This might mean changing your dialogue and overall approach, but it’ll help you to connect with the buyers and ensure the best possible outcome.

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