All vendors hope that their property will sell on auction day and for a good price. However there are some things you may not realise you are doing that could hinder the chances of success.
Remember, it is not just the buyers that should adhere to auction etiquette. So what are some of the things you should avoid as a seller on auction day?
Don't talk about your selling price
Even if you are excited about the auction day, you need to keep the price to yourself. Disclosing the reserve price or what you expect to sell the property for to family and friends increases the chance of other prospective buyers finding out. Rumours can spread quickly and friends of friends looking to buy a property could end up coming to your auction one step ahead with this extra knowledge. On the other end of the scale, it may deter buyers from coming to the auction if you reveal expectations that are too high.
Don't interfere with interested buyers
Messing with the auction's integrity can backfire. Having friends or family make bids to boost the selling price up is wrong and could possibly scare away genuine buyers from making a bid. It is important to let the auction run fairly and give genuine buyers a real chance to bid seriously.
Don't be unrealistic
This is especially important when it comes to setting the reserve price. Even though you want to stay positive, it is even more important to be realistic. Settling a price that is too high could possibly scare away potential buyers who would've been willing to pay the market value.
Doing your research before auction day will help you set a realistic reserve price. Keep an eye on what similar properties are selling for in your area. You can also use the State Custodians free Online Property Report which provides details of recently sold properties and statistics for specific suburbs.
Don't stress on the day
If you do not get the results you wanted on auction day, don't lose your cool. Just because the property doesn't sell, doesn't mean it is doomed to fail. Many properties often sell in the weeks after the auction for a good price. When preparing for an auction, you should always have a plan B set in place so that you will not get desperate on the day and sell the property for any old price.