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Handy Tips for Selling Your Home by Auction

By Rebecca Zhang

If you are looking for an exhilarating way to sell your home, then having an auction is the way to go. The intense marketing campaigns, build-up to the auction day, together with the competition amongst bidders, creates an exciting atmosphere to sell your home.

New information from RP Data has proven that real estate auctions have risen in popularity in recent months. National clearance rates hit a three-month high over the week ending July 27. 1,900 auctions were scheduled across the capital cities throughout this period, with the majority of these in the Melbourne real estate market.

In Sydney, there were 600 auctions over this period, compared to 469 the same time last year. Auction results also reached a three-month high during this period, which is encouraging for homeowners.

If you are planning to list your home for sale by auction, then here are a few handy tips.

Understand the value of your home

Everybody would like to get the highest auction results possible for their home. However, if your home is worth $300 000, then it probably won’t be helpful if you put a price tag of $1 million.

Once you have decided to sell your home by auction, the first thing you should do is get an appraisal done by a real estate agent. The agent will provide you with an estimated price for your property based on their knowledge of recent sales and the local area.

Furthermore, you should also obtain an independent valuation from a property valuer. This consists of a more in-depth analysis of your property and will cover things such as its location, structure, condition, features and council zoning to provide you with a figure.

Once you have obtained these two figures, then you can communicate with your real estate agent to set an appropriate reserve price for your property.

Get your marketing right

In order to get a successful crowd and interested buyers by the date of the auction, marketing is the key. Auction sales are a lot quicker, considering that there is a set date the property will go under the hammer.

Marketing campaigns are normally intense because they are targeted at specific types of buyers. You may need to work closely with your agent to ensure it is conducted accurately.

Come up with a plan

Once you have listed your home for auction, your real estate agent will inform you about all of your responsibilities for the process. They will also tell you what you should and should not be doing on the auction day.

To ensure that the auction runs smoothly, make sure that you have a plan for the day. Inviting friends and family for support and having the home cleaned for a last minute inspection can achieve this. Make sure you think ahead for this exciting day!

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