The auction process is designed to present a property to the marketplace in a manner that creates a sense of urgency, to generate increased buyer interest and enquiry within the set timeframe. The ultimate goal is to sell the property at a premium price under the hammer… however this is not always how the script plays out. This is why you need a second phase plan as part of your auction strategy.
It is important to be prepared and have a strategy in place to get a result after auction if the property is passed in. Working with your vendors in the lead up to the auction will help you devise a plan that they are comfortable with and save you from having to start discussing phase two right after the auction when emotions are usually running high. Remember, a large portion of auction properties passed in sell in the two weeks post auction – so be ready to capitalise on your efforts post-auction.
Being strategic post-auction will boost your conversion rate and deliver results for your clients. If you need training or guidance on devising a second phase strategy, then contact Metro Auctions today!