The role a broker plays throughout an auction campaign
Let’s take a look at the auction process. From the first inspection through to the hammer falling - how can a broker help?
We believe it all starts with a broker talking to a vendor about how they qualify buyers.
What a broker can explain to a seller is that their job is to talk to buyers and fully assess their position to make sure they are really ready to buy.
After making this commitment to the vendors how can a broker deliver? The consensus at Loan Market is that the follow up to open for inspections is a critical step in the process.
This is perhaps one of the biggest misconceptions between the broker/agent relationship: the follow up conversation is not about selling finance to a potential buyer - it’s about making sure buyers understand the role a broker plays: to get the most competitive home loan for them.
All an agent needs to do is ask one simple question: “where are you up to in your finance?”
No sell required. The point of this question is so that we can deliver on our promise to the vendor: to assess buyers.
As the auction campaign progresses, it’s obviously really important that the agent has an understanding of the financial position of their buyers. In an ideal world, everyone who is interested in the property should be in a position to be able to proceed with a sale.
At Loan Market, our belief is that (in the vast majority of cases), everyone will need a component of finance in order to buy a property. If buyers are going to auction to bid, and if offers are considered prior, we have a collective responsibility to make sure these buyers are in the best position to buy.