Agent Spotlight: Prash Nayar, WA’s Auctioneering Champion 2024

Winner of REIWA’s 2024 Gift of the Gavel, Prash Nayar of Perth Realty Group is preparing to represent WA on the national stage next month at the Australasian Auctioneering Championships.

While the volume of auctions in WA is much lower than on the East Coast, it is a part of his role as a licensed sales agent and auctioneer that he is passionate about promoting. 

For this former debater and public speaker, auctioneering combines his love of performing and engaging an audience, with delivering maximum value for clients.

We spoke to Prash about what drew him to auctioneering, the benefits of selling by auction, and his advice for both sellers and buyers.

How did you get involved in real estate?

I came to Perth from Malaysia in 2009 pursuing a degree in International Business at Curtin University. Upon graduation in 2012, the mining boom was coming to an end and finding a job wasn’t easy.

I decided to take on a commission only job doing door-to-door automative repair sales where I met a property agent who asked if I was interested in real estate. Just three days later, I was offered a position and I started in a sales admin role which gave me a strong foundation that has been incredibly beneficial to my career today.

What do you love about working in real estate?

For me it’s all about the connection with the client – I try to make them as comfortable as possible. When that trust is built and they feel they can be open, I’m able to fully understand their expectations and guide them to their end goal.

Being there with them on settlement day and seeing them happy with the result is one of my greatest pleasures as a sales agent.

What led you down the route to auctioneering?

I was a public speaker and debater at school, so have always had an affinity for speaking on stage and expressing my thoughts. After I joined the industry, I took a REIWA Training course on auctioneering and it opened my eyes to a transparent selling method that was untapped in WA.

Attending the Australasian Championships in 2017 solidified my admiration for the craft and auction community. I saw how close the competitors were and that stood out to me. I knew that was the kind of agent I wanted to be - a collaborator.

What are the benefits of selling by auction?

The competitive condition of an auction can help to maximise the price for sellers. You have a larger pool of buyers who have an emotional connection to the property, and they will dictate the price based on their perceived value.

At a live auction, you also have complete transparency for buyers. They’re seeing bids come in and know exactly how much they need to bid to win the property, which isn’t the case in the standard sales process.

While auctions can seem daunting for buyers and sellers, the auctioneer and agent can help guide them through the process.

Are online auctions the way of the future?

While the options for online auctions became available during the pandemic, there is nothing better than a live auction environment for buyers and sellers.

Interstate investors will have a buyer’s agent or an elected representative present, either on the phone or via video conference so they get to hear the entire process. This is also where the technology can assist for live interaction with interstate buyers who choose to represent themselves. As auctioneers, we take the process slow and give all buyers the time to comfortably place a bid on the property.

What is your advice to buyers and sellers when thinking about an auction?

For sellers, be realistic with your expectations. Understand the market, listen to agent feedback, and recognise a house's value is what someone is prepared to pay for it. 

For buyers, prepare your finances, understand what you're purchasing through due diligence, and use data portals like www.reiwa.com for suburb insights. When buying a large asset like a home, preparedness equips you to bid confidently at auction.

Don't be discouraged if you can't pay cash - you may still have a chance to make an offer if the property is passed in at auction – it never hurts to put your hat in the ring!

What is your advice to someone thinking of a career in real estate?

Discipline and diligence are incredibly important qualities to have. Discipline guides your daily routine, which will help when things get tough in this 24/7 job. Diligence ensures you mitigate legal risks for sellers and have persistence to overcome objections – you will often receive nine no's before the one yes.

For someone thinking of getting into auctioneering, I invite them to come and chat with REIWA’s Auction Agents Committee. We get together each week to train and share knowledge – it's such a tight-knit community and we are passionate about helping each other grow.