This is the latest article on real estate auctions from my auction series. If you have a specific question, please feel free to comment!
Residential real estate auctions are all about pulling at the emotional heart strings of a buyer so that they spend, spend, spend, bid, bid, bid!
At an on-site auction buyers can see, touch and smell what their money is buying them, whether it is the view of Sydney Harbour as the boats sail past or the sundrenched north facing backyard for the kids to play in all year round.
Can a powerpoint presentation create the same atmosphere for a property as on-site? Probably not, and they often technically break down, leaving the auctioneer in the lurch with a room full of people.
Saying that, in-room auctions have some advantages over on-site;
- In-room auctions are weatherproof
- Normally have a large audience (although not if your property is scheduled last)
- Are sometimes cheaper for the vendor (economies of scale)
The ultimate experience for an on-site auction is when someone walking past stops to see what is happening and suddenly decides to bid! This does happen and has happened to me several times. Nothing beats the client quickly having a look through the property and registering (which you can do at anytime throughout the auction process). With in-rooms this is less likely to happen….
Auction Series Part 1: Aution Vs Private Treaty
Auction Series Part 2: The Vendor Bid
Auction Series Part 3: How Much Is An Auctioneer?
Other auction articles we’ve covered in the past.
