Hammer Talk – Controlling the market
We know when we look at the features and benefits of auction creating urgency is one of the keys. What remains consistent whether we are in a strong or soft market is the bi-product of creating urgency that is control.
We find buyers are looking at several properties that are on the market at any given time. They pick their preferred properties and make plays for the ones they want.
Recently we held a commercial auction in the Hills District of Sydney. There were several bidders ready to compete. There was, however, one in particular I want to discuss. This buyer was interested in this property as well as another. They had no big preference on which one they bought as they both suited their needs. Ours was going to auction whilst the other was a private treaty sale. The buyer had agreed to terms on the private treaty sale yet was stringing the agent along because they wanted to see what happened at the auction.
Sure enough, good competition was had at our auction. The property was perceived as desirable and our bidders who were planning on buying the other property had bought ours at a premium price well in advance of what they were going to pay for the other.
The urgency effect of the auction not only got them to pay a premium but also commit to buying a property. The other owner is still on the market looking for a buyer as with no urgency or set date for buyers to perform, prospective buyers can sit back and wait.
Whether the market is strong or soft, auction will deliver the best price in a timely manner. When days on market stretch back out to 100 days be the agent that delivers the best.
The urgency of an auction has the effect of controlling the buyers as they want to see what happens. Take control of your sales campaign and get the best result for your owners.