Auctions can seem like scary business on both sides of the fence. For vendors on auction day, hoping that keen bidders have a “rush of blood” and push the price well over the reserve is common.
Of course on the other side of the equation, buyers want to avoid the drama and hope they’re the only ones who want the property and get it for a lower price.
According to buyer’s agent Amanda Segers from amandaonmyside.com.au they are an excellent way of buying and selling property.
Ms Segers said the main reason vendors don’t want an auction is to save the “extra stress, and embarrassment of it not selling, while buyers generally tend to prefer non auction properties as they like a price placed on it.”
“Auctions can be scary but the reason they work is that it takes weeks before a vendor is “ready” to sell,” she said.
She said vendors start off on a campaign believing “they have the best property in the world, they then go through a scary time of wondering if anybody will buy it and come auction day they are generally ready to listen to the market.”
“Assuming the property has been marketed correctly it should reach true market value,” Ms Segers said. “It is good clean business (in most cases), and generally a good way to sell property.”