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Helpful tips for selling by auction

By Claire Briggs

Selling real estate by auction is a very popular method for many Australian home owners. The competition among bidders, intense marketing campaigns and build-up to auction day creates an exciting and exhilarating way to sell your home.

New information from RP Data has shown just how popular real estate auctions have been recently.
Over the week ending July 27, national auction clearance rates hit a three-month high, RP Data found. During this period, 1,900 auctions were scheduled to occur across the capital cities, with most of them occurring in the Melbourne real estate market.

There were 600 auctions for real estate in Sydney over this period, compared to a lower 469 the same time last year. Auction results over this week also reached a three-month high during this period, showing encouraging conditions for home owners.
If you’re planning to list homes for sale by auction, consider these handy tips!

Understand the value of your home

It’s natural to want to get the best auction results for your home. But putting a $1million price tag on a house that’s only worth $300,000 might not help you get your property sold.
Before you list your home, make sure you get an appraisal done by a real estate agent. This will help you obtain an estimated price for your property, based on the agent’s knowledge of recent sales and the local area.
However, this shouldn’t be the only help you get before you sell your home. You should also obtain an independent valuation from a property valuer. This is a more in-depth analysis of your property and will cover its location, structure, condition, features and council zoning to provide you a dollar amount.
Once you have these two figures, you can work with your dedicated real estate agent to set an appropriate reserve price for your property.

Get your marketing right

Auction sales are done quickly, as there’s a set day the property actually goes under the hammer. In order to get a successful crowd and interested buyers by this date, marketing is essential.
Marketing campaigns for auction properties are usually quite intense and targeted at specific types of buyers. In order to make sure it’s done right, you’ll need to work closely with your agent.

Come up with a plan

When you list your home by auction, your real estate agent will let you know all of your responsibilities for the process. They’ll also tell you what you should and shouldn’t be doing on the auction day itself. Make sure you have a plan for the day so the auction can run smoothly.
Whether it’s bringing friends and family for support or having the home spotless for a last minute open inspection, think ahead for this exciting day

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