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SELLING BY AUCTION – BETTER FOR YOU OR YOUR AGENT?

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Little more than five years ago there were only a handful of residential home auctions conducted each weekend in Cairns however in recent times selling by auction in Cairns has suddenly become sexy; unfortunately the reality is that many of these sales campaigns are poorly run by agents chasing a ‘lazy commission cheque’ or by those who see an opportunity to promote themselves at the vendors expense and frustration. Sound familiar?

There is no doubt the preferred method of sale by vendors in our southern states is the auction way rather than sale by private treaty. The auction method is widely accepted as a transparent and intensive marketing period within a set time frame crowned with an on-site open negotiation between registered sellers and the auctioneer on behalf of the vendors. On-site auctions work best as the buyer’s emotional levels and the air of competition is much greater. If the property hasn’t sold prior to auction day or during the theatre of real time on-site negotiations, the selling agent quickly moves into the post-auction phase of the campaign with the vendors and buyers fully informed and motivated to realise a best sale outcome.

There is a disciplined psychology to marketing a product without-a-price that is quite different to selling by regular private treaty. Without this knowledge the selling process can and quite often ends in tears. Ask your agent if they know what that difference in marketing is and ask them to explain how an auction will bring you and your property the best result. Don’t be afraid to ask the ‘Why?’ questions. It’s your property; choose your auction agent wisely.

 Feel free to call myself or Steve if you would like more information

Adam Cain, Auctioneer and principal at Habjan & Cain Estate Agents   

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