- Auctions create excitement; offers can be made before the Auction day, on the Auction day or, in the event the property being “passed in” after the Auction.
- Auctions have a tailored marketing plan; There’s a clear end date, so the marketing campaign and dollars are concentrated and tailored to finish at the auction, a professional campaign creates a sense of urgency amongst buyers
- The Auction process brings buyers together and creates competition. Auctions attract “cash” or “pre-approved buyers”. Furthermore, the Bidder warrants their ability to enter and complete the Contract of Sale in accordance to the Terms & Conditions.
- With Auctions the “Seller” (via the Auctioneer) maintains control; they determine the Reserve Price, Terms & Conditions of sale, they also agree to and authorize Marketing Expenses.
- Auction contracts are unconditional; no cooling off period applies in Queensland. Building, Pest Inspections & Pool Safety clauses are deleted from the contract of sale. Normally the Buyer is required to pay a deposit of 10% on the fall of the hammer. Note;buyers may undertake their own due-diligence prior to the Auction at their cost.
- Auctioneers are highly trained professionals who have to be Licenced under the Property Occupation’s Act 2014 and conform to strict Regulations and Code of Ethics.
- On–site “Chattel” Auctions are a great way to clear excess inventory such as farm equipment, collectables and household furniture.
- Successful Auctions brings “Closure”, once the property is sold under hammer there is an unconditional contract, the buyer must pay the deposit and is bound by the Terms & Conditions of Sale.
If you’re seeking good advice contact Bill Meade at Ray White and weigh up the benefits of Auctioning your property.