A client recently put me in the hot seat with two auction questions. 1. Would I auction my place on-site or in-rooms? 2. Would I bid for myself or send someone?
As you’d guess, there’s no straight answer. The strong benefit of an on-site auction is a more emotionally engaged bidder. While this can be true, some negative factors outweigh that benefit. They relate to the environmental factors that can derail an on-site auction that doesn’t play out in rooms, for example, Bad weather, no parking, neighbours having a bad day etc. In addition to those is a reduction in stress for the seller in-rooms. For instance, there’s no ‘auction day’ clean, no requirement to invite your contact list, and buyers don’t have that ‘friend’ who feels duty-bound to point out all the negatives of the home moments before they bid.
So lock me in for ‘in-rooms’ Eddie. Regarding a bidding representative, buyer’s agents are great, and it’s hard to argue against a buyer having a paid professional in their camp. They don’t get emotional; they have a game plan and know that a strategy that doesn’t involve ‘bidding’ is bad.
People who send friends can sometimes fall victim to their friend’s ego or competitive spirit. Recently a representative dug their heels in when bidding for a friend, the gap was less than one per cent, and they said, “I just don’t see the value.” The property sold immediately after the auction to another buyer, leaving the actual bidder gutted. So the final answer is either bid yourself or use a pro.
Haesley Cush I This article is from the July 16th issue of The Courier Mail Digital Edition. To subscribe, visit https://www.couriermail.com.au/.
Cush for Comment July 16th
A client recently put me in the hot seat with two auction questions. 1. Would I auction my place on-site or in-rooms? 2. Would I bid for myself or send someone?
As you’d guess, there’s no straight answer. The strong benefit of an on-site auction is a more emotionally engaged bidder. While this can be true, some negative factors outweigh that benefit. They relate to the environmental factors that can derail an on-site auction that doesn’t play out in rooms, for example, Bad weather, no parking, neighbours having a bad day etc. In addition to those is a reduction in stress for the seller in-rooms. For instance, there’s no ‘auction day’ clean, no requirement to invite your contact list, and buyers don’t have that ‘friend’ who feels duty-bound to point out all the negatives of the home moments before they bid.
So lock me in for ‘in-rooms’ Eddie. Regarding a bidding representative, buyer’s agents are great, and it’s hard to argue against a buyer having a paid professional in their camp. They don’t get emotional; they have a game plan and know that a strategy that doesn’t involve ‘bidding’ is bad.
People who send friends can sometimes fall victim to their friend’s ego or competitive spirit. Recently a representative dug their heels in when bidding for a friend, the gap was less than one per cent, and they said, “I just don’t see the value.” The property sold immediately after the auction to another buyer, leaving the actual bidder gutted. So the final answer is either bid yourself or use a pro.
Haesley Cush I This article is from the July 16th issue of The Courier Mail Digital Edition. To subscribe, visit https://www.couriermail.com.au/.