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The Truth About Auctions

The Truth About Auctions

Recently I was at the Madeleine Hicks Real Estate National Elite Retreat where the elite of the elite met to discuss the current market trends.

In the changing market it was a consensus amongst the group that auctions were the best marketing strategy.  This is not my view.

I only auction unique properties or when I am instructed to auction e.g. mortgagee in possession.

Auctions are a seller’s worst nightmare.  The seller losses control. Notoriously buyers come in low and if there are only one or two buyers on the day the seller is pressured into making a decision there and then.  The buyer is expecting an answer, the auctioneer is waiting, the agent is waiting, the crowd is waiting, the neighbours are waiting, and the seller is panicked - forced into making decisions.

The Truth About Auctions

Recently I went with a friend to another agent’s in room auctions to help them through the auction process.  My friends were keen to buy.  I gave them some auction tips, we were one of two interested parties, and we were able to slow the auction right down.  The auction stalled the agent came across and asked them to increase their offer.  I advised them to hold fast.

The agent then went and spoke to the seller.  Reading the non-verbals I could see the pressure mounting around the poor seller.  The agent came back to us.  We said nothing.

Finally, the auctioneer asked for more bids from the floor. Silence.

Going once, Going twice, Sold!

My friends bought the property of their dreams for $20,000 under what they were prepared to pay.

Before you enter into an auction campaign just …ask Madeleine for a second opinion.


Shopping for a Real Estate Agent

Shopping for a Real Estate Agent

When you are shopping for a real estate agent it gets very confusing. Below is a list of questions to have ready for your next interview?

1.    Do you personally answer phone calls?  (Phone them at 6pm and see if they are still working?)

2.   Can we cancel the listing if we are not happy?

3.   Do you have a Personal Assistant?

4.   If you don’t call back within 24 hours will you take $50 off your fee?

5.   Do you list my property on the Internet? Which sites?

6.  Are you fully automated with your own personal computer, fax machine, sms, voice mail etc.

7.  What qualifications do you have?

Shopping for a Real Estate Agent

8.  I want to give my home the advantage of the latest marketing Strategies.

9.   How much time and money do you invest in professional training?

10.  Why are you personally motivated to sell my house?

11.  Why should I list with you rather than any other agent who is calling?

…ask Madeleine for more insights into interview an agent by making a comment.  Happy interviewing