5 Tips to Prepare for an Auction

Several factors can make you want to sell your property. Some of these can be positive such as a possible expansion while others can be negative such as liquidation. Whatever your reason is for wanting to auction your property, there is no gainsaying the fact that adequate preparation is key.

Here are some 5 important tips that would help you gain a good deal from your auction.

  1. Perform a Final Inspection on Your Property

Before the day of the auction, you should give your property a thorough and final inspection to ensure that everything is in shape. You can invest in property styling to add to its value. As a rule, ensure that maintenance works have been completed and your garden is looking attractive. If you've got the time, you can choose to stage your property to bring more prospects. All these are very important to make your prospects feel that purchasing your property at your reserve price is worth it.

  1. Liaise with Your Agent

Since property auction is not like furniture rental or other hiring services that you can easily do without an intermediary, you definitely need an agent. This agent is usually an expert in real estate matters and knows everything about how much your property should be sold. He or she must have helped you in publicizing your intention to sell your property in the first place. Meet with him/her before the day to finalize issues such as reserve price, the best way to communicate with bidders on that day, bidding increments, how the bids of the vendors will be utilized, and what happens if your expectation as per reserve price is not met. Doing all these will ensure you are not caught off guard on that day.

  1. Manage Your Expectations

Just like when you want to hire furniture or any other house items, it is natural to have expectations. Regardless of where the pendulum of your expectations swing, keep it to yourself. Never allow been your associates to know how much you intend to sell your property until that day when bidding commences. This will ensure that every potential buyer comes for the auction and by so doing, your chances of having a good deal are increased.

  1. Know What the Procedure Looks Like

Auctioning has its procedures which you can easily find out from your agent. It is good that you familiarize yourself with these procedures so that you can know your rights and roles. You can schedule a meeting with your real estate agent to intimate you of how auction functions. If possible, you can even attend an auction happening around you. This will give you a first-hand experience of how things play out.

  1. Be Confident and Calm

Understandably, things don't often work out the way we plan them. In your case, it may be that no one came for the auction or no one is bidding at your reserve price. Be calm and remain confident. If It doesn't work out this time, your agent can make another arrangement that would work next time.

Final Wrap

If you follow the five steps outlined in this piece, your chances of having a smooth auction are very high. Also, you may have to scout for reputable agents to mediate your auction process so that everything goes smoothly and perfect.

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