Agents urged to adopt auction process

Agents urged to adopt auction process

by 2 comments

One of Australia’s largest franchise groups has encouraged Perth agents to sell under the hammer after research found this approach can slash property sale times by almost four weeks.

According to Raine & Horne, the latest research conducted by the Real Estate Institute of Western Australia (REIWA) revealed selling a property at auction has the potential to produce a sale 26 days faster than a private treaty arrangement.

Raine & Horne Auction Services director James Pratt said that with around 15,000 properties listed for sale in Perth, the auction process offers substantial benefits to both agents and vendors.

“Regardless of market conditions, the auction process consistently produces shorter days on the market,” he said.

“We’re finding that with the uncertainty in the WA economy, the sales deadline attached to an auction is encouraging some Perth home buyers to get off the fence and make a decision.

“The auction process is clearly the best way to sell or buy a property and it is exciting times for Perth as the auction process starts to gain more traction.”

General manager of Raine & Horne WA Craig Abbott also stressed the value of agents selling under the hammer, noting that auctions currently represent less than 5 per cent of all residential sales in Perth.

“The adoption of the auction process is so low because many agents in Perth don’t understand this method of selling,” he said.

“It’s a marketing event and it gives vendors three opportunities to sell a property – before, during and after the auction.

“Unfortunately, many agents are dropping the ball in relation to how they market a property going to auction and this is dragging down the overall results. Together with James, who has sold properties under the hammer in Australia and the US, we will be striving to improve the adoption of the auction method of selling.”

[Related: The Hammer Diaries: The psychology of auctions]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?