At Harcourts Cooper & Co we have a committed group of consultants whose combined years in the industry mean they have a wealth of experience in selling at auction. Whether you are auctioning a small property or one worth millions of dollars, the Harcourts Cooper & Co auction experience is tailored specifically to your needs.
The auction process...
Auctions are an extremely effective way of marketing. They give the seller the greatest opportunity to obtain a premium or a fair market value while creating buyer competition, putting buyer against buyer. This provides an open and fair arena for competition on the auction day.
Auction provides a structure to the listing process, and is regarded as the premium choice of marketing. Should an auction listing not sell during the auction programme, you will have increased your chances to sell the property as an exclusive (price by negotiation or fixed price) due to the enquiry and buyer activity generated. Here are some reasons why it works!
- The seller sets the terms, conditions and deadline.
- This auction-oriented target marketing puts the `spotlight' on the property, adding a competitive edge that strongly favours the seller.
- 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-in-the-hand buyers.
- It allows sellers to plan ahead in the knowledge that a specific date has been set for the sale of their home. A cash buyer means the seller can proceed immediately with their goals. A sense of urgency is created by the set timeframe, 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. 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.
Your Marketing Campaign
Marketing your home is essential when auctioning.
Our experience has been that often the stronger and larger the campaign, the more likely you are to attract the attention of prospective purchasers.
I will assist you with selecting a custom made campaign that fits your needs and your budget whilst ensuring your property is highly visible in the marketplace.
Open Homes
For all open home attendees I will provide all the necessary property documentation including the Sale by Auction Agreement, LIM, Title, etc.
Other Harcourts consultants will register their client’s interest in writing using a ‘Buyers Registration Form’.
Market Feedback
It is essential during the auction campaign that you receive as much feedback as possible and as a result I will normally be in contact with you each day by way of either phoning, email or text to keep you fully updated. I contact all open home attendees and other prospective parties during your auction campaign to ascertain their interest. We do this to ensure you are fully equipped with the current market’s feedback in order to prepare you for your decision making come Auction Day.
What happens if a Buyer wants to submit a Pre-Auction offer?
A copy of this procedure is included in all our auction documentation provided to buyers. The buyers offer must be unconditional and it is up to you as to whether you wish to accept the offer or not.
Reserve Set
Your auctioneer and myself will attend the reserve set meeting with yourself. This is where we discuss how your campaign has gone and the market feedback on your property. The auctioneer will run through various scenarios of how your auction may occur on the day. The auctioneer will then ask you to set your reserve price and we may have some recommendations to assist however ultimately it is your decision. We will always be acting in your best interests and there will be no pressure either way. The reserve is confidential to all parties present and we recommend you do not disclose this figure to any family or friends.
Aside Agreements
On occasion, variation agreements are requested by purchasers. A variation is a formal request to alter the particulars and conditions of your auction and are usually variations on the standard 10% deposit and altering the settlement date. We encourage you to try and be as accommodating as possible as this means more bidders on auction day.
Auction Day
I prefer to do my auctions on site as we get more emotional buy-in from our buyers however on some occasions, I will recommend that we do them in our auction rooms. Our auctions are held every Thursday night from 6.30pm in our Takapuna Harcourts Auction rooms situated at the cnr of Hurstmere Rd & Anzac Ave, Takapuna. You will be supplied with an auction schedule showing where your property is in the line-up - this is known as the order of sale.
Information Evening
To help you become familiar with the Auction process, Harcourts run information sessions designed to increase awareness and understanding of the auction process from a Buyers perspective. Topics covered is an overview of the auction contract, benefits of bidding at an auction, bidding strategies, plus much more.
I would be more than happy to accompany you if you would like to attend. Held every Thursday afternoon from 1.00pm in our Takapuna office, cnr Hurstmere Rd and Anzac Ave
I am committed to making the process as easy, stress free and as pleasant as possible whilst listening to your every need.
Call me now 027-4433707 or email me maree.gray@harcourts.co.nz so that together we can get you outstanding results.
