What is an auction and how to choose the best agent
However, behind all the fast-paced entertainment lies a very serious process. So what is an auction and how can you choose the best agent to partner with to sell your property?
What is an auction?
An auction is a public sale, usually conducted by a licensed auctioneer and is governed by strict rules that vary from each state and territory.
It’s advertised for a specific place, time and date and prospective buyers bid for the property with the property being sold to the highest bidder.
Given the auction is set for a specific time it creates a sense of urgency amongst buyers as they must act or risk losing their opportunity to buy the property.
It also groups all interested buyers together at the one time, creating a competitive environment and the greatest chance to achieve the highest possible price.
How do you find the best agent to sell your property by auction?
Ok so now you know what an auction is…. let’s take a step back.
The first step in selling your property is to find the best agent for you. Given your property is likely to be your most valuable asset, finding the best agent to partner with, someone who lives and breathes real estate, should be a priority.
Whilst it is a very personal decision, when interviewing prospective agents you should ask the following questions:
When interviewing prospective agents, you should ask:
- Are you a licensed real estate agent…Good news is all LJ Hooker real estate agents are licensed in their state or territory.
- Are they local – it’s important they live and breathe real estate in your local area
- What experience do you they in the local market, do they have experience selling via auction and can they show you recent comparable sales?
- What is happening in the local market and can they give you a local market report?
- Do they feel trustworthy and approachable?
- Can they supply you with references and referrals?
- Are they professional – can they outline the activities and marketing they will undertake, share their recent results including sale price and time on market
- Become a secret shopper and see the agent in action. This is as easy as going to one of their open homes and see what they are like, how they engage with the attendees, how knowledgeable they are and how they follow up after the open home.