Here at The Henry Wong Team®, we’ve become experts at real estate auctions, and our clearance rates are testament to that. While an auction may not be the answer for every home, it’s a strategic means of selling that could prove pivotal in achieving the price you’re after.
Auctions don’t just happen. Every week plenty of homes across the country don’t meet the reserve price and remain unsold. An auction requires an extreme level of planning, transparent communication and strategic marketing. It’s nothing short of an art form!
So what are the secrets to a successful auction? You can’t just list a property, set an auction date and expect the buyers to come. Henry and his team have settled on a few key strategies that will help get a property over the sale line… our tenacity at sticking to these helps us maintain excellent clearance rates no matter the state of the market. Let’s take a look at what they are.
Understand the Perfect Buyer
Every buyer is different and looking for different things out of their property purchase. When you understand the subset of buyers that are searching for your home, you’ll be able to market it more effectively. Is it a family home that will appeal to large families who want to be close to schools? Is it a chic, low-maintenance gem that young professionals would love? A single level villa close to shops that downsizers are on the lookout for? Knowing which buyers will be looking for your property is step one to getting the price you want.
Tailoring your Marketing to Appeal to the Perfect Buyers
Once you know who your property will appeal to, you can adjust your marketing accordingly and enhance the visibility of the characteristics in the home that will appeal to your perfect buyer. We will usually recommend professionally staging a property to really throw light on its positive characteristics, and of course working with professional photographers and videographers will help too in this regard.
Leveraging an Agent’s Network
Having a listing on Domain or realestate.com.au with an auction date simply isn’t enough to reach the maximum number of perfect buyers. If you’re listing your Coorparoo home, and a buyer in Hong Kong is interested in investing in Australia, they will never find your home. But if you use an agent like Henry whose network extends into Hong Kong, then there’s a high chance they will find your home. Our network of buyers extends all around Australia and overseas, and includes professionals like investment bankers, capital financiers and migration agents, who themselves have overseas contacts. We simply put your listing in front of more buyers than the average local agent can – even buyers who have never heard of your suburb.
Being Organised is Key
We often opt for a shorter marketing campaign with auctions. From the time of listing to auction day, we sometimes have just 20 days to get the price result your home deserves. This means its all systems go, and everything from our marketing to our dealing with buyers needs to be on point and organised. Staging and photography needs to be choreographed and viewings scheduled in. Every single important piece of information needs to be on hand so that buyers’ questions can be answered promptly and accurately. As agents, it’s incredibly important we are sufficiently organised to achieve all of this.
Crystal Clear Communication
This ties in with the above point about being organised. Without clear, transparent and prompt communication, there is no organisation. Communication builds trust, it solidifies the relationship between agent and seller and it helps minimise misunderstandings. It also helps with converting browsers into buyers. If an agent is quick to respond to questions and provides accurate, informative answers, buyers have more information to help them decide if its the right home for them.
Contact the Brisbane Auction Experts
If you’re thinking of selling and want to know whether an auction is the right path to take, Henry can help answer any questions you might have. He provides real estate advice rooted in realism, so you know you’re getting trustworthy, honest information from one of the leaders in the Brisbane real estate industry. Get in touch today!