#metroauctiontip Number 7: Use Price Enquiry to Gather Feedback

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In an auction campaign, you will be asked about price…  over and over again. Expect this question from buyers, neighbours, friends, family, colleagues and competition. Your job is to turn this question into an opportunity to gather feedback from the wider market.

If you were to provide a price or price guide you can do extreme harm to the end result and potentially eliminate the opportunity to achieve a premium price for your seller. You are also bound by Section 216 of the Property Occupations Act 2014, which states the selling agent must not disclose to a person other than a person acting for the seller in relation to the sale, regarding the reserve, the amount the agent considers a likely price or provide a price guide for the offered property.

It is therefore essential you utilise strong, quality dialogue in your interactions regarding the price. Use the question as an opportunity to extract information and discover their opinions about the value of the home and compile this into your vendor reports. If you need training or guidance on the appropriate dialogue to use regarding price during your auction campaign, then contact Metro Auctions today!

DAVID HOLMES — INDEPENDENT REAL ESTATE AUCTIONEER