SO you’ve decided to sell your home and it’s soon to go under the hammer.
Auction day can be a rollercoaster of emotions - feeling nervous, anxious and excited all at the same time.
While no two auctions are the same, there is a general flow of events before the hammer comes down.
Here’s what to expect on auction day:
The nerves are kicking in, the audience is growing and all you want is to see that big sold sign out front, and of course, a good result.
It’s important to ensure your house is still as presentable as it was during the open for inspections. Prospective buyers may still come through for a last minute inspection and might also bring family and friends for their advice – don’t let anything sway their decision.
Meet your agents and follow their lead. They will be the professional front, while you deal with your nerves.
Take their advice and “stay calm.”
KR Peters agent Janine Scott-Rule walks into every auction feeling positive for the sellers.
“There’s always a lot of nerves on the day and I like to tell the vendors not to be nervous or anxious, to let me do that for you,” she says.
“I always let them know that every decision is theirs and I am just here to give them my advice based on my experience, but ultimately it lies with them.”
Next, you’ll have your pre-auction negotiations with your agent. This is when to advise them of your reserve price. Be open to their expert opinions, but ultimately remember it’s your call.
Find a good position inside or out back and strap yourself in for the ride.
Scott Huntley recently watched the KR Peters team auction his parents’ Wantirna South home of 33 years. The large crowd outside helped settle the nerves.
“The auction worked really well for us because there was a lot of interest generated in the lead up,” Mr Huntley says.
“We had a few offers before the day but definitely had a better result at auction, so we are happy we waited it out.”
The decision certainly paid off, with 4 Newcombe Court selling under the hammer for $975,000.
The bidding can’t get underway until the auctioneer runs through a few auction legalities.
There’s also one last final spiel about the highlights of your property and your suburb.
The real action begins when the audience - hopefully including a few would-be buyers - is invited to open the bidding.
If the crowd proves a bit reluctant, the auctioneer will get the ball rolling with a vendor bid. Don’t panic as often no-one wants to be the first to put up their hand. This is not unusual.
Once the property hits your reserve price, the auctioneer will declare it on the market and it will be sold to the highest bidder.
If your property is struggling to hit reserve, your agent might come inside to discuss options with you, before going back to see if they can squeeze some more bids out of the crowd.
You might be willing to lower the price or choose to let it pass in. The good news is, that if your home passes in your agent will continue to negotiate with the highest bidder. In this case, most homes sell soon after.
But all going to plan, you’ll hear the words you’ve been waiting for: “Going once, going twice, third and final call … SOLD”.