Should you sell your property at auction?

July 9th, 2018

Should you sell your property at auction?

From Eric Rickman and Ben Kerrisk

The greatest benefit to both buyers and sellers when it comes to auctions, is that the property is sold. There's no waiting around. There's no conditions. The property is sold!
At Gardian, we recommend that a vendor should always consider going to an auction – because it generates interest. The four-week period in the lead up to an auction will generate a lot of interest, and people will become attached to that property in that four weeks. They know if they don't bid at the auction they could miss out – so it creates urgency.

Having a backup to secure the sale

Quite often, even before the auction starts, we've actually got a backup contract there ready to go. A buyer may not be confident in bidding under option conditions. So if they're ready to go – seconds after the auctions finishes and the properties passed in, we're sitting down with the buyer signing an offer. We can look after our client 100 percent, because we know they’re completely covered for all their financial needs.

How the auction process works

The process to go to auction is very similar to private treaty. We have an extensive marketing campaign that allows us to reach all the possible buyers in a short period of time. This includes a video of the property, which helps us find those passive buyers – the people who aren't necessarily looking on a daily basis to purchase property but it catches their eye and certainly attracts those people as well as the thousands that are already looking.
Gardian conducts auctions on site, especially if the property has a great view. It certainly creates the ambience that you want. We also do in-house auctions – where we'll present several properties on the night. We hold these regularly, therefore we have a lot of people attending those – which creates more interest for the properties on offer.

Finding the right auctioneer

Gardian engages Gordon Macdonald – he's an experienced auctioneer, and we’re really happy to have someone of his caliber exclusively working with us. Gordon Macdonald is a proficient negotiator with a reputation for patiently but tenaciously putting together seemingly impossible deals. As a trusted and independent third party, Gordon's honesty and straightforwardness help to instantly build rapport with all parties.

“The greatest thing about an auction is the smile on the faces of everyone once that head goes down. It's a unique feeling and it's something everyone should experience once in their life.”
Ben Kerrisk, Gardian Real Estate Director / Sales Manager