Post auction sales still competitive for buyers
As many long-term followers of our posts will be aware, our team at Barry Plant Preston are big believers in the fact that when a vendor decides to utilise an auction campaign to sell their property, focusing purely on the auction day itself can be counter-productive.
From our perspective, based on decades of experience in the property market in the inner-north, an auction campaign actually provides three distinct opportunities for an effective sale. There is the pre-auction period, a period that is a popular opportunity for some buyers to make a strong offer, the auction itself, of course, then the opportunity presented by post auction negotiations.
Each of these three buying environments has different characteristics, offering different ‘pros and cons’ for different people. What many buyers don’t seem to realise, however, is that waiting until after the auction to make their interest known won’t always work in their favour. In fact, it can cost them far more than they realise in some situations.
We were reminded of this misunderstanding again this week as we concluded the sale of a 3-bedroom brick home in Olver Street, Preston (pictured). We had taken this property to auction last week, but had been confident that there were better offers out there than those made on auction day, and passed the property in so that we could negotiate further.
As a result, we ended up with a situation where three separate groups of buyers were all keen to buy it, producing another competitive bidding situation that had much the same effect as an auction, but without the transparency.
The result was a terrific sale for our vendors at a very satisfying $1.025 million, and two disappointed buyers who probably wish they had played a more active role on auction day!
Remember, if you need any advice or assistance on any property-related matter, don’t hesitate to give us a call.
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