The great real estate news for the week is the re-opening of public auctions. Up to ten people can attend a residential auction plus the agency staff conducting the auction. This announcement follows the earlier news that inspections could take place with one agent employee and one interested party.
Ten might sound a small number for an auction, but there would rarely be that many people bidding on one property. The agency team will sort out pretty quickly who can attend after pre-qualifying genuine purchasers. The new norm is a smaller, qualified crowd and more likely that those you see at the auction have a genuine interest.
This news is great for vendors and purchasers, many of whom have been in a holding pattern for 2020. Agents are also excited about on-site auctions as they are transparent and unconditional.
To be successful at auction, you will need multiple strategies, and that’s where we come in.
- Auctions today will be different – those attending are probably genuine buyers. What is your bidding strategy with a smaller group?
- Not every auction or property is going to be the same. Do you have and A B and C strategy ready?
- What’s your strategy if there are no bidders or multiple bidders?
- What is the best time for you to start your bidding?
- If an auction is a pass in, how will you negotiate?
- Do you negotiate inside or outside?
Call us at ela Property Advocates to talk about your game plan and how we can help you search, assess and enhance your auction outcomes.