Why You Should Take Your Property to Auction
By: Laitiah Huynh
April 13, 2022

If you have made the decision to sell your house, selecting the best method of sale is critical. Taking your home to auction has a lot of advantages, including increased market competition, a specified end date and unconditional contracts. 

Creating competition 

In a short period of time, auctions can generate an emotional connection between the property and the buyer by creating a competitive bidding atmosphere. This may help to raise the worth of a home and get a premium result.

Having a set end date

Having a specified date provides a sense of urgency for a potential buyer to get ready for auction day. If a buyer inspects the property seven days before the auction, they have seven days to prepare for the auction and make a bid. Setting a date also establishes a planned selling strategy for achieving a sale either before, during, or after the auction.

It clarifies the vendor's and agency's roles in the selling process and ensures that they are prepared for both the open inspection and the auction. 

Drawing attraction from potential buyers

Putting a house up for auction can help you attract more buyers by allowing inspections and allowing bidders to register at the auction. Interested buyers may have to push themselves to acquire their desired property in a competitive market.

Unconditional contract

An auction will give you an unconditional contract right away. Once the highest bidder is successful they are obligated to the contract, and an immediate exchange occurs. An auction also provides you with clarity in regards to the sale and is the most transparent method of selling. Buyers can also see who they're up against, and sellers can see what the market is willing to pay for their home firsthand.

Social Share
Written by
Laitiah Huynh
Looking for a dream home?
We can help you realize your dream of a new home
Explore Properties