Owners when considering selling are always weighing up their options and tend to be nervous about the pressure of a auction campaign.
When we market a property by auction the process is more intense as it puts pressure on the buyers to perform within a time frame that is set by the owner.
From the owner and agents position the auction day is just another day in the process as sometimes we sell before, after and on the day. Should we have more than 1 buyer present at the auction on the day and wanting to secure the property a premium price can be achieved in a controlled and transparent environment for all to see.
We recently had a outstanding result which allowed us to achieve 30% above the pre auction offers on the day by putting the buyers face to face. A property is worth what a buyer is prepared to pay for it and when people are competing that allows the auctioneer to push them to their walk away price which is generally more than what was offered on the day.
Sales achieved prior to the auction day are mostly also for a premium as the buyer puts forward a strong offer in order to be able to take the property off the market as they are afraid if it goes to auction and they have to compete they may pay more.