The auction process is a fantastic way to sell property as it is both incredibly transparent and also allows for strong results from vendors.
As a real estate agent, it's important to understand how to get the most out of an auction campaign, and what some of the best tactics are.
Bring the bidders
In some ways, the main job of the real estate agent is to bring in as many potential bidders as you possibly can. For your vendor to get the very best result, you should be looking to have at least two active bidders so they can potentially drive the price higher. To do this, an agent must cast their net far and wise to attract as many people to the property as possible, in the hopes they'll be prepared to bid on auction day.
Whenever you are preparing to launch a new campaign, the first thing you should be looking to do is to bring in as many potential buyers as possible. Find people who have been to open homes who are looking for similar types of properties.
Use your CRM to automate emails and text messages, firstly to reach out to them to show them the property. Then continue to follow up with all the various people to keep them informed throughout the process, and don't forget to remind them about open homes and of course the say of the auction itself.
You can also utilise social media to create targeted ads. Products like PropTech Group's Social Eazie make this possible, and easy to set up, you can easily target potential buyers in your local area within minimal work.
Time and place
Well before you start the auction campaign, you should have a clear plan put in place that culminates with having the auction on the right day and at the right time as well as in the correct location.
While most auctions will occur at the property, it's important to work backwards to determine the right day, and even the best time of day. You can often consult with the auctioneer on this part of the process, as they will understand the market and also how the different time slots will suit your particular property.
Be an expert
As an agent, you should be an expert in the location where you're selling the property as part of your personal brand. You should understand the buyers and the sellers, and what they're both wanting at that point in time.
You should also understand what the current market is like and which side is more in control of the market. The more expertise you can bring, the better you can work for your vendor while also assisting buyers to make them as comfortable as possible. Expertise is also one of the key factors in building trust with clients.
Remember that most people are first-time bidders at auction and this can be a very daunting process. Many may have never seen an auction take place, so be sure to help your buyers and give them the information the might need to move through the auction process.
It's important that you work with an experienced auctioneer who has a track record of getting strong results in your area. Auctioneers are masters at understanding the crows and how the auction is playing out.
They know how to adjust the bid increments and when, and they should also have the seller's best interest at heart. They can also be a valuable partner in planning out the action campaign.
Bring energy on the day
When auction day arrives, it's important that as an agent, you're bringing positivity and energy. An auction can take a life of its own and the day itself is usually filled with excitement and anticipation.
As the selling agent, this is exactly what you want. You want buyers to be excited and eager to place bids. The more hype you can generate around the property on the day, the better the result.