SELLING YOUR HOME WITH CENTURY 21
TA I L O R M A D E S T R AT E GY
AUCTION
We begin the process with one of the most important and fundamental elements: setting an appropriate price for your property and developing a pricing strategy.
When an owner decides to go to auction, the property is marketed extensively for a set period of time (normally around 4 weeks). This intense campaign is designed to create interest in the marketplace and strong competition between buyers. On auction day, you decide on a reserve price for your property. If bidding does not reach your expectations, you can decide not to sell. If bidding goes above the reserve price, the auctioneer will sell it to the highest bidder. There are many reasons why an auction is effective. Firstly, there is a set marketing period and a final end date, so it is easier to try to plan dates for your move. Also, inspections are normally arranged when your property is looking its best, and at a time that suits you, so there’s minimal disruption to your life. And, there is no “cooling off” period, which means that when the house sells at the auction, it’s definitely sold. The buyer normally hands over a cheque for 10 percent of the purchase price.
The last thing you want is to put your home up for sale and have it sit idly on the market without generating the interest it deserves. Typically, the longer a listing is on the market, the harder it becomes to sell – as potential buyers start to wonder if there’s something not quite right about the property. In these cases, it will eventually sell, but often at a discounted rate. Often the only thing delaying the sale of a property is the asking price. Of course, you want the best price for your home – but when you meet the market’s expectations on price, you will attract buyers. And once you’ve gained the interest of one competitive buyer, then you’re ready to negotiate a great price on your home.
You can accept an offer prior to auction, you can sell on auction day, or if you decide not to sell on the day you can sell later by negotiating with the interested buyers generated by the marketing campaign. You are always in complete control.