The Sellers Guide to Auctions
What is a real estate auction?
A real estate auction is a method of selling a property through the process of public negotiation to determine the true market value of the property at that time.
The benefits of an auction
- Sense of Urgency: The auction day deadline sets a finite selling period and creates a sense of urgency amongst customers.
- Buyer Competition: An auction creates the conditions for customer competition - which can lead to a premium price.
- Options: You remain free to consider any offers before Auction day, if you choose to, in accordance with our Procedure for Pre-Auction Offers.
- Certainty: Customers must bid on an unconditional basis - no complicated conditions.
- Control: You are in control - you set the reserve and select the possession date that suits you.
- Tracking Interest: All salespeople can register potential customers for your property via a centralised online database, so we can track interest and contact all interested parties in the event of a pre-auction offer.
- No Price Limitations: By marketing without a price you are never limited by an asking price that is too high or too low, so you can attract a wider range of buyers.
- Market Feedback: Your salesperson will provide regular market feedback to assist you in setting the reserve price of your property.
- Preferential Online Ranking: Properties for sale by tender or auction, along with those meeting our “promotion” criteria, appear ahead of others in our website search results.
Our auctions are true auctions
Barfoot & Thompson guarantee that our auctioneers never make bids on behalf of clients, accept bids they believe to be made of behalf of clients, or knowingly accept any bid that is not genuine. It doesn't matter what you call them, they aren't real bids, which is why we do not allow that practice at Barfoot & Thompson.
- That the auction process is supported by an appropriate marketing programme to create a high profile and attract as many customers as possible before the auction day.
- Open homes scheduled throughout the marketing period to allow all potential customers easy access.
To find out more about auctions, including how to set the reserve, how the bidding process works, pre-auction offers and how to best market your home for an auction, contact your salesperson.