What makes for a great auction?
The three principles of a successful auction:
The success of an auction hinges on a number of factors, most importantly appropriate marketing, realistic quoting and an engaging auctioneer – but these elements are of no consequence unless they are well coordinated by an experienced agent, such as Diana Dugan director of Property Matchmaker.
According to Diana, the marketing must appeal to those who wish to purchase, the pricing must attract those who are able to purchase and the auctioneer must engage those who are committed to purchase. Only then will a truly outstanding result be achieved.
“Some buyers are extremely nervous on the day, you need to be there with them to assist, but not badger them for more money,” Diana says. “Helping them and nurturing them will give them confidence to bid further.”
A wonderful example of an unbelievably successful auction was at 3/10-12 Church Street Beaumaris.
With professionally written advertising, and a natural ability to identify her target market, Diana ensured that the correct demographic attended her opens and, once there, the exceptional presentation of the property guaranteed interest.
A realistic price range brought the numbers to the auction and, spurred on by experienced auctioneer Sophorn En, three committed buyers took the bidding past the $630K reserve to a staggering sale price of $744K, representing an incredible 18% increase.
“When you set your reserve at a realistic price it will create more competition,” a delighted Diana said. “Success is ensured with all the other points above are aligned.”
The thrilled vendor stated: “Diana – a big thank you for a great result today! You and Leigh again proved that you’re the best agent in Bayside.” Chris Shaw
Fuelled by her unwavering desire to achieve the best result for both her sellers and buyers, Diana’s finely honed skills are never more apparent than in the frenzy of auction excitement.