Why I Love Auctions
‘I love an auction,’ says Clint McCarthy, Sales Manager at LJ Hooker Lismore. ‘They really are a great way to get the best result for many reasons.’ And that was never truer than in today’s hot property market.
In the Lismore region, there are around 26 buyers for every listing creating a very high demand for properties. Sellers can capitalise on this demand by taking their property to auction where, unlike a traditional Private Treaty sale, there is no ceiling on price.
A ‘reserve’ price is set by the vendor in consultation with their trusted agent, and this amount represents the price the owners would be happy to sell their property for at the auction. ‘But if you have a really desirable property, or very enthusiastic bidders, this reserve price can go much higher,’ says Clint. ‘The price is really determined by the market and the other registered bidders at the auction.’
Once the property is ‘on the market’ it has hit the reserve mark and may be purchased by the highest bidder after the auctioneer has ‘called’ the property for the third and final time. ‘This is one of the most exciting and nerve-wracking parts of the auction, for the seller, the buyer – and for us,’ he says.
Selling at Auction
An auction campaign typically involves a four week marketing campaign – more than enough time to get prospective buyers through the doors and heading off to the bank for a loan approval! When the hammer falls, a deposit is required and typically 30 days for the settlement of all outstanding money, a speedy process for those who have made a decision to buy elsewhere.
‘The other thing I love about selling at auction is getting a result for your property in the shortest timeframe possible,’ he says. ‘Properties listed For Sale at our office are on the market for an average of 100 days in private treaty compared to around 60 days with an auction,’ he says. ‘And that means, less Open Homes to have to prepare for, fewer sleepless nights, and money in the bank a lot sooner!’
‘Of course, part of the appeal of an auction is seeing the auctioneer fired up and in full flight,’ says Clint. ‘A great auctioneer will make all the difference to the sale of your property, and we are excited to have David Holmes, LJ Hooker’s national auctioneer manager calling at our auction event on June 14.’
Come and see the excitement of an auction up close at the LJ Hooker Lismore Auction Event, Thursday 14 June at the Lismore City Hall. If you’ll be bidding on a property, registration is open from 5.15pm.
Contact us on (02) 6621 2387 to find out more.