Auction Day Starts Before Auction Day
A competitive auction does not happen by accident. The work done during the campaign can make a big difference when buyers finally raise their hands.
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We recently sold a two bedroom property in Redcliffs after a three week auction campaign. There was good interest throughout, with around eight groups coming through each open home. Then, on auction day, four registered bidders turned up and every one of them placed a bid. The property eventually sold for $778,000, towards the top end of our original appraisal range. For me, the biggest takeaway was simple: auction day starts well before the auctioneer begins calling bids. Build Interest Throughout the Campaign A big part of an auction campaign is keeping people engaged.
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In the week before the auction, we went back through everyone who had visited the property. Even if the home was not right for them, we invited them to come along and see what happened. We also went around the neighbourhood and invited nearby homeowners. Some were curious about the result. Others simply wanted to see an auction happen in their area. Not everyone standing there on auction day was going to buy the property, but having people around helped create energy and interest. Buyer Feedback Is Not Always the Final Result Throughout the campaign, the feedback we were receiving from buyers was generally around $720,000 to $750,000. The property ultimately sold for $778,000.
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