Agents should not shy away from addressing vendors’ concerns when considering whether to auction or use private treaty to sell their property, one leading auctioneer has said.
According to Damien Cooley of Cooley Auctions, agents should have frank and honest discussions with vendors when they are considering putting their property up for auction.
“I don’t believe there are any negatives to an auction,” he told Real Estate Business at yesterday’s Auction Success Workshop, held at the Cooley Auction Centre in Double Bay.
“Though there are many misconceptions surrounding auctions, it is the job of the agent to address these misconceptions and talk through the benefits compared to a private treaty.
In the workshop, attended by nearly 50 real estate professionals, Mr Cooley provided examples – including dialogue – of how to reassure a vendor to use auction.
“I don’t think there are any areas or suburbs that auctions won’t work in,” he said. “Every property is an auction property – it is just about strategy.”
According to Mr Cooley, the strategy starts with how an agent presents his case for an auction.
“You have to go into that meeting with all the facts and figures in your head,” he said. “You should know that in August, 49 per cent of properties sold at or above the reserve price at auctions,” he added, recalling statistics from the Cooley Index.
“Unless you wholeheartedy believe that auction is the best result for your client then you won’t convince them,” Mr Cooley said.