Successful Property Auctions

Successful Property Auctions

Auctioning Property For Profit

The Australian Auction Process

Property auctions in Australia are the most popular form of sale than anywhere else in the world.

Watch as Kevin Turner talks with Australia’s leading experts on property auctions, as they discuss why Australia is leading the world in real estate auctions. Hear why they believe so much of the Australian property industry prefers to use auctions as the primary sales vehicle.

If you would like to know more about how auctions work and, probably more importantly, why some auctions fail, then you’ll find the answers in this series of videos.

Enjoy!

How auctions work

  • Why are auctions more popular in some areas and not in others?
  • What makes a good auction?
  • Why are sellers afraid of auction?
  • What are the most common mis-understandings about auction?

What to expect – buyer and seller

  • How should sellers prepare for auction day?
  • What are the most common mistakes auction buyers make?
  • What questions should sellers ask to make sure they are getting the best auction agent?
  • How much information should a buyer disclose to the agent or seller?

Role of the Auctioneer

  • What makes a great auctioneer?
  • Is it all theatre?
  • What are some of the ‘tactics’ used by auctioneers to get people to bid?
  • How important is the chemistry between the agent and the auctioneer?

Making an offer before auction

  • Do you always try to buy before auction?
  • How should a broker handle early low offers and what about higher than expected offers?
  • Do early offers normally indicate a ‘premium’
  • Should buyers be encouraged to make pre-auction offers?

Role of the listing agent

  • What is the role of the agent before, during and after the auction?
  • Why are some agents able to achieve high sales rates on the day?
  • Who is more crucial to a successful auction outcome – the agent or auctioneer?
  • Where do you see listing agents go wrong with auction?

Bidding strategies

  • When bidding, how do you position yourself in the crowd?
  • How does an auctioneer work with the listing agent to ‘structure’ the bidding at an auction?
  • The different bidding strategies?
  • The best strategies employed at auction
  • How many figures should you have in your plan prior to auction

Is auction right for every property?

  • Does auction work in a street where all the houses are the same?
  • Hypothetical – if I have 3 identical items and auctioned them one after the other, why would someone pay more for the second one than the first one and more for the third one than the second one?  What is the psychology?
  • Do in room auctions work better than onsite for the agent and/or the seller and why?
  • Why is so much emphasis placed on where the property is in the order of sale at an in-room auction.  Does it make any difference?

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