The supply of quality properties remains short and always a challenge to secure. We are still offered off-market homes that don’t even make it to a sales campaign; however, they are generally an off-market for a reason, and buyers will have to have their wits about them to succeed and not get caught up in the hype that comes with an off-market.
Last Saturday marks the first time in over a year where listed auctions have hit over 1,000. Sure, some of last weeks auctions rolled over to this week, but perhaps vendors too have been enticed by a healthy market.
Right now, the market has to work more efficiently than ever before, forced by the COVID stop-start environment and demand. As a result, We are experiencing some creative approaches by agents to fulfil their client’s needs.
For Vendors, where agents see intense competition, they often recommend pulling forward the auction. Agents methods vary, for example :
- pull forward an on-site auction
- conduct a boardroom auction
- conduct a zoom auction
Today there are no holds barred (See our blog from last week; here’s the link https://elapropertyadvocates.com/2021/02/14/how-the-real-estate-industry-is-transforming/)
Here’s another creative example that happened at a Brighton East auction recently:
The adjoining neighbour was “maybe” thinking of selling depending on the result. The auction ended successfully, with strong underbidders. The agent had prepared the neighbour for a full OFI based on the pre-auction competition – the agent and his team skilfully switched everyone next door. The neighbour’s property also sold and saved the owner marketing fees of around $8,000 and all the stress and anxiety that goes with open for inspections and an auction day.
In another case, an interstate buyer missed out on one of two identical new-build duplex homes. Post-auction, he and his agent knocked on the owner-occupier neighbour’s door, made a strong offer – and the neighbour accepted it!
An effect of COVID has been a build-up of demand and caused a stop-start market. These market conditions may continue for some time, which means you have to be agile, informed and well prepared to succeed.
And creativity – no matter where it comes from – a vendor, a buyer, an agent or an advocate, will possibly play a part in your success.
Call us at ela Property Advocates to help you with either selling OR buying a property. Guy Angwin. 0412 022 998 or Geoff Briscoe 0418 740 351. http://www.elapropertyadvocates.com.