Going.. Going.. NOT GONE!

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We have all been there. You have been waiting in anticipation throughout the entire four week auction campaign. You have worked with your auctioneer and followed every process from the Auction101 text book. You woke up excited on auction day and started to feel the nerves stir as the crowd grew. All the work was done, all that was left to get the sale under the hammer….

Going… Going… NOT GONE.

Ouch! You didn’t achieve the result you had worked so hard for and the property has been passed in. So, what went wrong and what to do now?

Essentially, nothing went ‘wrong’ - when a property is auctioned, there is never any guarantee that the property will sell under the hammer. Statistics do show auctions will get a result within fewer days on market and for a higher price than a private treaty, however it is not always sold and done on the auction day.  

If your property was passed in, it is not all doom and gloom. It is time to get to work. It may just be some solid negotiating is required in the few days post auction, or it might mean going back through and touching base with all the buyers that have enquired during the campaign as they simply may not have been able to bid under auction conditions. The most important thing is to hold your composure. Be prepared to discuss a list price with your seller immediately post-auction and take action on updating your marketing as soon as possible. Your efforts in the few days post-auction will determine your outcome, so don’t sit back and get caught up in the disappointment, keep your momentum and convert your passed in auction property to a sale!

DAVID HOLMES — INDEPENDENT REAL ESTATE AUCTIONEER