To auction or not to auction? That is the question…
If I had a rand for every time I got asked the question, I would ten to one have earned more money than I have physically conducting auctions for the last 28 years. What is more, this is a double-sided question. Should I buy a property on auction? Should I sell my property on auction?
A short history on auctions
The history of commercial auctions dates back to the 18th century, but the earliest auctions were recorded as early as 500 BC, where Babylonians held annual auctions of women for marriage. The industry has evolved somewhat, for better or for worse…
In my opinion there is no better platform to trade on, be it for property or any other commodity for that matter. I know that selling your property on auction can sometimes be more daunting than buying a property. What will the neighbours think? Does it mean I am bankrupt? If my property goes on auction people will think there is something wrong with it!!!
No, no, and no! Selling your property on auction means that you are an out-of-the-box thinker. You are someone who is embracing a more modern and effective way of property disposal… Just ask the Babylonians!
The known benefits of an auction
An auction attracts all interested buyers to the sale on the same day. This creates the element of competition and, as we all know, completion (sometimes coupled with ego) is never a bad thing. In a slower economic market similar to the market we are experiencing globally at the moment, an auction is an effective alternative to the conventional selling methods, returning an offer to the seller in a much shorter space of time.
I am sure you have heard the adverts about turning your assets to cash within 30 days. Well, that’s the auction concept in a nutshell. On the flip side, in a buoyant market auction sales often exceed sellers expectations and we achieve even more than what the asking price is… This is not magic. It’s supply and demand with a touch of completion and a dash of ego.
The unknown benefits
As a property seller, there are some unknown benefits as well. Things like passing the responsibility of compliance certificates on to the purchaser or selling your property “as is”, meaning there are no negotiations with the purchaser about repairing the electric fence, mowing the lawn or painting the roof. You get the picture.
If you are serious about selling your property, give me a call. We conduct monthly multiple-property auctions and would love to discuss the process with you in more detail…. Looking to buy a property at auction? Visit our website on a regular basis as we update our list often. Our next multiple-property auction is on 1 April 2020 at 12 p.m. at our auction room. I invite you with open arms to attend our next auction and to come and see for yourself…
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