Frequently Asked Questions
Everything you need to know about the auction process.
What if My Property Doesn't Sell On Auction Day?
If your property doesn't sell on auction day then we have not reached an acceptable price set by the seller. The property will remain on the market and more negotiations will need to be facilitated by the agent with the seller and buyer.
Should I Speak To The Auctioneer Or Agent 1st?
Most people will speak to an Agent 1st. However if the agent does not suggest or does not run Auctions as their method of sale, then the seller can miss out on understanding all the benefits that Auction can bring to the sale. Auction Time is happy to discuss the Auction process before meeting the agent.
What Is The Role Of The Auctioneer?
The role of the auctioneer is to extract every last bid out of the buyers, control the flow of the bidding, and make all bidders and sellers feel comfortable on auction day. The auctioneer should also work closely with the agent and seller prior to the auction day to formulate the best auction day strategy.
Does It Cost More To Take My Property To Auction?
This is a common misconception of taking your property to Auction. The only extra cost with taking your property to Auction is the auctioneer fee.
Will I Meet The Auctioneer?
Using Auction Time services, you will get a pre-campaign call to discuss the process and also a pre-auction day strategy meeting face to face. This will be to discuss the campaign with the seller and agent and to formulate the strategy for auction day.
What If My Property Doesn't Reach Reserve?
As a seller you have the ability to amend the reserve price to an acceptable selling price. If this is not achieved then the property will be passed in or held over for further negotiations.
How Do I Prepare For Auction Day?
Your auctioneer will walk you through everything prior to auction day. Key things include setting a realistic reserve price, understanding the bidding process, and having your solicitor prepare contracts in advance so you are ready to sign on the day.
Can I Set A Reserve Price?
Absolutely. As the vendor you have full control over your reserve price. This is the minimum price you are willing to accept for your property and is set confidentially before the auction begins.