Many agents find it difficult to respond to buyers asking questions about the reserve price during an auction campaign, often feeling uncertain on the best approach and not wanting to give away too much information. It doesn’t have to be like this, instead you can utilise the buyers to assist in setting the reserve.
Clever agents are able to incorporate price feedback into their reserve strategy, allowing buyers to become involved and sellers to feel comfortable with the process of setting the reserve. Explaining that the reserve price has not yet been agreed upon but that the sellers are keen to hear from interested parties is a great way to increase buyer involvement and really start those serious conversations around price throughout the campaign.
This technique, coupled with preparing a thorough comparative market analysis will improve your interactions with buyers, encourage honest market opinions to discuss with your sellers and ultimately assist in setting the perfect reserve price.
If you need training or guidance regarding the auction process, or how best to strategically handle the setting of the reserve price, then contact Metro Auctions today!