What Sellers Can Expect On Auction Day
Selling at Auction? Here’s how you’re going to navigate Auction Day to stay calm, collected and get the best result possible.
Auction day often marks the ending of an era.
Whether you’re selling up the family home or cashing in on an investment that’s served you well, a milestone moment is about to be realised and this often comes with a range of emotions.
You might be feeling sad, excited, anxious, nostalgic or a mix of them all. This is completely normal by the way.
As a professional buyer’s agent I’ve participated in (and played witness) to literally hundreds of auctions in my time, and this post will walk you through some simple steps you can do as a Seller to prepare and put yourself at ease.
Before the Day
Confirm with your agent: Double-check the auction time, location, and any last-minute details with your agent.
Prepare your home: Ensure your home is presented in its best light. This includes tidying up, decluttering, securing any valuables, having a trusted friend, neighbour or family member take care of your pets, and potentially having fresh flowers to pleasantly scent the space.
Decide on a reserve price: This is the minimum amount you’re willing to accept for your property. Your agent can provide guidance on this. This is their job.
Emotional preparation: It’s normal to feel a mix of emotions. Discuss your expectations with your agent, partner or a trusted friend to help manage stress.
Auction Day
Arrive early: Aim to arrive at the auction location at least 30 minutes before the scheduled start time. This allows you to mentally prepare, discuss last minute strategies with your agent, and settle in.
Find a quiet spot: While it’s tempting to watch the auction closely, find a quiet spot away from the bidding action where you feel comfortable and can avoid distractions.
Trust your agent: Your agent will be the point of contact during the auction. Trust their expertise and guidance and know the auctioneer’s job is to get you the best sale price on the day.
Understand the bidding process: Familiarise yourself with how the auctioneer will conduct the bidding. This will help you stay focused.
Be prepared for different outcomes: The auction can be unpredictable. Your property may sell above, below, or at your reserve price. It may even pass in (not be sold) on the day, but rest assured, your agent will have a back-up plan for how to continue the marketing campaign post-auction if your home doesn’t sell.
After the Auction
Immediate aftermath: If your property sells, you’ll need to sign the contract of sale. If it doesn’t sell, discuss your options with your agent, including a potential private sale.
Celebrate or regroup: Whether your property sells or not, take some time to process the outcome. If it sells, celebrate! If not, regroup and plan your next steps.
Post-auction tasks: If your property sells, there will be paperwork and legal matters to attend to. Your agent will guide you through these steps.
Remember, Auction Day is Just One Step in the Selling Process.
Your agent is there to support you. By following these steps and maintaining a calm demeanor, you can navigate auction day with confidence.
MEET THE WRITER
Wendy Russell is an independent buyer’s advocate, investor and self-made businesswoman with a knack for spotting a great property.
