To sell via auction or another means
The method of sale is a question that all vendors must consider when placing their property on the market. Strangely, not all agents present auction as possible sales method. Some will promote only private treaty, some private treaty and sale by “best offer”, but few agent actually present all options. Being comfortable with the method of sale is extremely important to the vendor to assist in keeping stress levels to a minimum.
Personally, I believe auction to be the purest form of sale as via auction a property can be sold prior to auction, at auction or after. For the vendor prior to or at auction means the sale is unconditional.
For the purchaser, they know what the competition is, its there at the auction, not an unknown party with an offer you can not confirm.
Having said this there are some properties and locations where auction may not be the most appropriate option. For instance a flat in a large block where units are being regularly sold, in other words the price is really already determined by previous sale(s).
An agent that doesn’t mention auction, isn’t providing the vendor with all the sales options available and thereby may be costing the vendor.
CoreLogic RPData recently published an article “which properties sell at auction”. To view the article click here.