Richardson and Wrench

OWNER’S GUIDE TO SELLING RESIDENTIAL PROPERTY 5.3 Silent Auction/Forthcoming Auction This sales process allow you to test the market and suitability of going to a public auction before committing towards paying all the costs involved with one. It is a more transparent and a more genuine method to test the market value benchmark. You can view it like placing your bet knowing what your cards have been dealt to you. If the agent identifies significant interest and competition from potential buyers then, in consultation with the home seller, he may recommend you to revert to a public auction and set a sale date . If the agent identifies a lack of interest and offers well below your expectation, you have the opportunity then to revert to private treaty and put a price on your property without paying out the costs of a public auction and going through the stress. If there was a smart alternative to the public auction, and with much less stress, and much greater chance of achieving the highest possible price, then this sales method is the one. As a seller determined to identify and achieve the highest possible price, the one thing that you should never do is let a prospective buyer know what other prospective buyers are prepared to pay. Why? Because the focus for the interested buyers becomes outbidding the competition by small amounts such as $500 and $1000 bids, as opposed to focusing on the highest price each buyer is willing and able to pay. Achieve the maximum price that the best buyer would and is able to pay rather then one bid above the runner up. Home sellers across Australia collectively lose hundreds of thousands of dollars each weekend at public auctions, when not focussed on the right goal.