Let’s face it: Live real estate auctions can be intimidating. For many potential buyers, the thought of raising that paddle amidst a sea of nosy onlookers can be enough to make them turn away — and find another property to buy.
But auctions are a tried-and-tested way to help vendors secure the best price for their homes. When the market’s hot, agents scramble to put homes under the hammer.
What if you could get all the benefits of an auction with the knowledge that you’re bringing in buyers who wouldn’t show up on the day? That’s where Timed Auctions come in. They help open up the bidding to buyers who otherwise wouldn’t attend an auction, which in turn helps push up prices for the vendor.
On the fence? Let’s look at three compelling reasons why Timed Auctions are being embraced by real estate agents.
Once upon a time, the only way a prospective buyer could land the house of their dreams was to cancel all other plans and be at the house on the day of the auction. It’s a tall ask for buyers from interstate or overseas or even those from regional areas.
A Timed Auction helps you open up the competition by enabling everyone from the person next door to someone across the globe to place a bid and collectively push up prices.
Just bear in mind, though, that some people still prefer to see homes in person or attend live auction events (if this feels like your target market, then you could consider Hybrid Auctions instead).
A unique feature of Timed Auctions? Transparent bidding. Everyone can see the current highest offer, which helps build trust with your buyers and confidence with your vendor.
This transparency helps both buyers and sellers determine the true market value, which in turn helps push up the price and ensure the property reaches its maximum sale value.
Plus, with Timed Auctions, buyers can bid at their own pace over a set period. They’ve got plenty of time to think about their next bid, which can be a lot less nerve-wracking for those who don’t like the pressure of a live auction. It’s a great way to bring more bidders into the fray.
For real estate agents like Gus Meikle, from The Agency in Perth, Timed Auctions are a game-changer — particularly when he’s tasked with selling land in regional areas. He gives the example of a block of land that had been on the market for a while.
“With offers coming in sporadically, we weren’t getting anywhere with it — we never had two buyers interested at the same time. I suggested a Timed Auction to the vendor, and we ended up with four reasonable bidders and a really good result. The property could still be on the market today if we hadn’t had a crack at doing something different.”
As the agent in charge of the sale, you stay in complete control — with notifications every time a new offer or bid comes through. All this, while the bids themselves are self-managed by the buyers through Realtair, so you don’t need to deal with the paperwork. Plus, things happen at a slower pace, giving you plenty of time to monitor the situation and reach out to prospects if need be.
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