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Why Auction

Why Auction

  • The seller sets the terms, conditions, settlement day and deadline.
  • The auction-oriented target market puts the ‘spotlight’ on the property, adding a competitive edge that strongly favours the seller.
  • The property gains high profile marketing through Harcourts huge resources along with extensive use of open homes during a planned timetable allows easy access for buyers to inspect your property.
  • The property is neither overpriced nor undersold; its value is determined by the market and individual buyers.
  • The ‘no price’ aspect will attract more genuinely interested, cash buyers.
  • It will allow sellers to plan ahead in the knowledge that a specific date has been set for the sale of their home.
  • A cash buyer means that seller can proceed immediately with their goals.
  • A sense of urgency is created by the set time frame, bringing interested buyers to a point of decision.
  • The level of market interest will help the seller gauge the reserve price, with the real possibility of achieving a premium price.
  • The seller has the option and may decide to accept a cash offer prior to auction day.
  • Those who attend the auction will be focused on establishing the maximum price they will pay, not how little the offer should be.
  • The seller controls the terms of transaction and actively participates in the sale process.
  • A successful purchase requires a payment of a deposit on the day, usually 10% of the purchase price.
  • Harcourts powerful websites will expose your property 24 hours 7 days per week to Local, National and International customers.
  • Harcourts huge network of branches in Auckland, across the North Shore and throughout New Zealand with cutting edge technology systems will create extra exposure for the property.
  • If the property is passed in, it will be exposed on the open market as an exclusive listing at a saleable price established from the market feedback received throughout the auction process.
  • On the top of all of this, the level of service and feedback by their sales consultant is second to none.

Selling your property by Auction has many advantages over pricing providing you employ an agent with extensive knowledge of this process.  

This process involves a short and sharp marketing campaign putting your property on a pedestal and under spotlights to reach every possible buyer in the marketplace inviting them to inspect your property.  

These buyers are required to be cash and unconditional so you know that upon the fall of the hammer at Auction you have and unconditional cash offer on your terms.  

The Auction process puts buyer against buyer not buyer against you as in a private treaty sale – this buyer against buyer negotiation process ratchets the price upwards – not the other way as when a property is priced.  

When buyers are emotionally attached to property and bid against each other, they normally bid well over where they initially planned.  This is where a premium price is obtained for your property.

For guidance on the auction process click on the Real Estate Agents Authority website link below.

Auctions Information sheet - Click here