What not to do on auction day! You may think that’s a weird topic, but understanding the big NO NO's is important.
Auctions are by nature emotionally charged but keeping your wits about you and avoiding these pitfalls will help you navigate the auction day without any hiccups.
1. Don’t talk about your selling price to anyone including the neighbours
I know it can be hard, but you need to keep the price you would sell for to yourself. Disclosing the reserve price or what you would sell the property for to neighbours, family or friends increases the chances of prospective buyers finding out.
Rumours spread quickly and you don’t want potential buyers to be one step ahead with this insider knowledge. It can also turn people off if they think the price is too high.
2. Don’t have friends of family interfere with the bidding
Whilst it is great to have family and friends at the auction to support you on the day, make sure they aren’t tempted to make a dummy bid to help inflate the price. Firstly, these are illegal and secondly they can scare away genuine bidders. Of course if your friends or family want to buy your place then let them bid away.
3. Don’t set your reserve too high
We’ve spoken about reserves earlier, but when setting your reserve for your property don’t make it unrealistic. Setting a price that is too high can turn off buyers who would be willing to pay the market value for your property.
Re-looking at your property appraisal, talking to your agent and gauging buyer sentiment should help you determine the reserve price. Remember inside a 3-4 week auction campaign, market changes can occur so make sure you stay abreast of market information and set your reserve accordingly.
4. Don’t panic if it doesn’t sell during the auction
If your property doesn’t sell at auction – don’t panic. We are experts at negotiating successful sales after auction. In our experience auction day yields a sale on the day or flushes out interested parties to negotiate with that results in a sale soon after the auction.
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