Ray White has always advocated sale by auction, believing it offers the best prospect for achieving a good sale price in a short time. While lots of houses get passed in at auction, sales statistics clearly show that the auction process works for the vendor, with sales achieved before the auction and in the weeks after the auction resulting in a high overall success rate.
And it seems the market is following the Ray White advice! An article by Kirsten Craze in the Daily Telegraph on Saturday, under the title above, reports that selling under the hammer is the fastest growing method for vendors. She quotes one vendor as saying, "Looking back now I think when we sold our last place we probably sold too cheaply by private treaty." This happens when an agent, keen to collect the commission, encourages the vendor to take an early offer.
The auction method lets the market determine the price for the property. If the property doesn't come up to the vendor's hopes, or the estate agent's optimistic assessment, at least the vendor can have some confidence in the price offered at the auction. That doesn't mean the vendor should always accept the best offer on the day. Unsuccessful bidders often offer more in the days after the auction, and also the auction focuses the interest of many new prospective buyers.
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