- Control, as Vendor you set the terms and conditions.
- You get a cash unconditional contract.
- 10% deposit on the fall of the hammer.
- No cooling off period
- Allows 3 opportunities to sell – before, at Auction or immediately after – and reduces the overall selling time in the market.
- Creates a sense of urgency, which motivates purchasers to action.
- Allows all potential buyers to compete amongst themselves to offer you the best price.
- Can be used as part of a total marketing package where auction is the component that gets the buyers to act.
- Price is usually not disclosed so you remove the objection factor.
- Forces buyers to make decisions to a deadline of the auction date and brings negotiations to a head.
- The Auctioneer’s skills, enthusiasm and techniques can maximise the price.
- Vendors control their reserve price and settlement date and accept or reject varied terms and get cash contracts, which usually settle in 30 days.
- In every other form of marketing the buyer is in control. The buyer will dictate the offer, terms, subject to finance, subject to sale, subject to building inspection etc. and get a cooling off period. The buyer will negotiate from a position of strength. With Auction the Vendor dictates the terms.
- Auction opens the door to more motivated buyers.
- The Auction marketing campaign that you choose will be tailored to deliver maximum exposure within the first few weeks on the market – the time frame during which it is most likely to sell.
- Your home is only open at times that suit you with a predetermined schedule of opens.
- The level of market interest will help you gauge your reserve price.