With sellers increasingly turning to auction marketing it's important buyers ensure they are comfortable with auctions too.
Buying at auction can be quite advantageous. Here are some of the reasons why:
- Owners who sell by auction tend to be amongst the most serious and motivated in the marketplace and are more likely to meet the market on auction day.
- The more desirable the property, the more likely it will be sold by auction.
- Buying via auction means you have a limited amount of identified competition and a set date on which you know you will have an outcome. All you compete with at auction are those who are willing and able to buy on a cash unconditional basis on the day. Conversely via other methods interested parties are competing not just on price but also on any number of conditions and the negotiation process can drag on.
- The auction process is open and transparent. Auctioneers will clearly identify any bid made on behalf of a vendor and will not bid near the reserve figure. Plus you are able to see what other buyers are prepared to pay.
So, if you’re a buyer, don’t feel afraid, just seek help from a competent sales consultant who can assist you with your auction strategy and support you on auction day and you should instead feel confident about bidding and buying this way!