How to prepare for auction

With auctions gaining momentum in Western Australia, you might have considered using the fast-selling method for your next sale.

If you choose to sell your property at an auction, here are seven ways you can prepare:

1. Find the right agent/auctioneer

It's important to do your research and find an agent and auctioneer that understands the current market in your suburb, as they will have a big impact on the outcome of your auction.

Do some local digging of successful auctions in your area and then when you find the agent and auctioneer to sell your home, have a look at their recent sales.

After all, you are finding someone to sell your home, so you want to find an agent and auctioneer that you trust.

2. Set your price

The good thing about selling at auction is that there is the potential to get higher than what you set the initial price to be.

When coming up with your set price, you should discuss with your agent and auctioneer what a realistic reserve price should be. Look at recent auctions of similar properties in your area to determine what yours is worth.

It is also important to consider the current market conditions so you don't over price your property.

3. Find a suitable location to host the auction

You want to make sure your auction setting is attractive and comfortable for bidders. Usually auctions are held in the front entrance or garden, however this is up to you.

It's also important to ensure the auctioneer is easily seen and heard and that they are overlooking the bidders. For example, if your property is on a busy road, you may want to host the auction in your backyard so that the auctioneer can be heard clearly.

4. Style your home

Just like if you were preparing for a home open, boosting the appearance of your home goes a long way in making your property more attractive to bidders.

You shouldn't wait to the last day to style your home, make sure you are keeping it maintained and looked after in the months and weeks leading up to sale.

See seven features buyers look for when purchasing a home.

5. Know the changes to auctions due to COVID-19

In Western Australia, we are lucky that auctions and home opens are back up and running, however the two square metre rule still applies.

You, the agent and auctioneer should ensure there is hand sanitiser available, bidders are social distancing and everyone is maintaining proper hygiene precautions.

You can read more about what is required on the WA Government website.

6. Run through the process with your auctioneer before the day

Auctioning your property can seem like a daunting process if you are not familiar with it. Make sure your agent and auctioneer talk you through the process so you understand what is happening on the day.

Make sure to ask questions and know the order of the day. Even learn some of the auction lingo, that will help you feel even more confident when it comes to auction day.

7. Run through the marketing campaign

Just like any property sale, the marketing campaign is a vital part leading up to the auction.

Make sure you are not left in the dark about any aspect of your property. Take the initiative to be involved and talk to your agent about how they plan to market your property.

Did you know reiwa.com offers Feature Property which keeps your listing at the top until it's under offer and leads to 3.5 times more views? Make sure to ask your agent about this.

Are you selling your property? Find a local REIWA agent.