Auction is recognized as a highly effective way to create wide public interest, achieving maximum publicity and reaching a Large number of prospective purchasers in a short period of time. There are many reasons why the auction method of sole is preferred.
Auction works to a plan
The marketing strategy is carefully thought out, documented, and specially tailored. A firm date is set for the sale.
A short but comprehensive marketing campaign means Less disruption to family Life, as set inspection times for potential buyers are arranged at the outset. Due to the short campaign the number of ‘open for inspections’ is also Limited.
Properties marketed using the auction process often achieve prices well above owner expectations. There is no upper limit for bids and competitive bidding in an auction atmosphere often enables vendors to achieve a sale price in excess of their reserve or what was thought to be a fair market price.
Auction campaigns are tailored to enable the property to achieve maximum market place exposure. Concentrated marketing of the property over a relatively short period attracts a higher tenet of interest and genuine buyers.
It lets the market determine the market price.
Auction is a great method of determining the right value by eliminating the price and letting the market determine what the property is really worth.
Specified auction date
Auction creates a sense of urgency. Prospective purchasers must complete their enquiries within a certain time period. There is a definite time Limit by which the buying decision must be made.
Auction is conclusive
When a buyer purchases a property at an auction the contract is exchanged immediately and is not subject to a period during which the contract con be rescinded by the purchaser.
Immediate exchange of contracts
Buyers must sign the contract and pay deposit on the fall of the auctioneer’s hammer. Immediate exchange of contracts safeguards against Loss of contract and sale.
A reserve price is set and the property cannot be sold below this price without owner approval. The reserve need not be set until just prior to the auction. The owner’s reserve is not disclosed.
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