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3 ways to a stress-free auction day

By Monica Boyd

What do you define as a successful auction day? Is it your home going under the hammer well above the reserve, or is it just simply walking away with your hair still intact?

Auctions can be a nerve-wracking time, especially for the seller as they’re the most intimately involved. Looking at recent auction results for real estate in Australia, it’s clear to see that they’re becoming more and more popular, perhaps coinciding with demand from the low interest rates.

According to CoreLogic RP Data, over the 2014/2015 financial year more than 25 per cent of all homes listed were done so through an auction. Back in 2008, that number was just 16 per cent.

Are you considering selling your home via auction? Here are a few ways to make it as stress-free as possible.

Choose the right agent

Having an experienced real estate agent to steer the ship can do wonders for your stress levels. They can take care of everything, including valuations or appraisals, negotiating with buyers, advertising the event and appointing a suitable auctioneer. This is why it’s important to choose the right one!

You should treat selecting your agent like it’s a job interview. Here are some questions you can ask:

  • How long have you been an agent?
  • Do you have experience in this area?
  • Have you sold many similar properties?
  • What’s your commission?
  • Do you have any references?

Fix it up

Are there a few little flaws around your property for sale that you’re hoping the buyers won’t notice? The NSW Fair Trading encourages buyers to not only conduct a personal inspection, but also a professional builder and pest investigation. It’s not likely that they will miss anything!

Use an electronics shop as an example. If a television in store has a scratch on the side, you wouldn’t be happy paying full-price. The same goes for your home. Knowing the blemishes are there, whether they’re holes, mould or paint chips, will only accentuate your nerves during auction time when people are inspecting your property.

Prepare yourself emotionally

According to the Australian Psychological Society’s 2014 survey, of all the leading causes of stress, financial issues was the most common at 49 per cent.

Instead of getting wound up and tearing your hair out in the lead up to the auction, you should just sit back and relax. You’ve done all you can in the lead up and now there’s nothing you can do on the day to change the outcome.

Essentially there are only two options – your home will sell or it won’t. If it does, then that’s great, pop the champagne! If it doesn’t, never fear as there are always other opportunities.

Chris Wilkins
Ray White Drummoyne

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