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.
- 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.
- 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.
- 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.
- 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.
- 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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