A leading selling principal has won two group awards after perfecting an auction strategy that typically involves selling before the big day.
Andrew Sorensen from Raine & Horne Charmhaven won two categories at Raine & Horne’s national awards – most sales by a principal and most auction listings by a principal.
Mr Sorensen, who is based on the NSW Central Coast, said he listed 135 properties for auction in 2014 – 125 of those found buyers, but only three were sold under the hammer.
“I use the auction process because it puts a deadline on everyone to interact with us and to look at the property and then make a decision if they want to buy,” he told REB.
“In some markets, such as Sydney, I would sell under the hammer because there are some ridiculous prices. But in regional areas, that doesn’t always happen.
“I’ve got an auction process that I’ve adapted to my marketplace and it’s completely fluid, so I can make a decision up until the night before an auction if I’m going to call an auction or cancel it.”
Mr Sorensen said he developed his strategy during a downturn in 2009, when his market was oversupplied, homes were overpriced and buyers were struggling to get finance.
“The only properties that were selling were the cheapest ones – it was a price-motivated market. In a marketplace where you don’t want to be driven by price, the only thing you can do is change the process,” he said.
Mr Sorensen said the auction deadlines drove people to open homes, which in turn gave him a chance to engage with buyers and then sell before the auction.
In other awards, Peter Diamantidis from St Marys in Sydney won both Top Salesperson awards – one for number of sales and the other for volume of sales.
Ric Serrao from Double Bay in Sydney was the top-selling principal by dollar value, while his office recorded the most sales by number and volume.
Bathurst in NSW was named Top Country Office by dollar value, while Nowra/Shoalhaven Heads in NSW was named Top Coastal Office by dollar value.
Toowoomba principal Andrew Lynch won the Max Raine Award for service to the network.