Ray White Bendigo has partnered with sister company Loan Market Bendigo to promote the popularity of auctions in their regional Victorian market.
The two businesses want to turn auctions into the primary sales method for local vendors.
They held their first in-room auctions on 22 October, with 13 properties going under the hammer.
The plan is to conduct auctions at the start of each season and eventually hold them every two months as auctions become more popular within the community.
Ray White Bendigo sales partner Brett Thompson said Bendigo isn't an auction town, so the agency needs to overcome scepticism among buyers and sellers.
“So far, most of our clients like the idea. And I think we’re beginning to quash the misconception that vendors have no control of the auction process,” he said.
“For our buyers, it’s about letting them know the auction process doesn't discriminate. It allows the market to decide what a property is worth and therefore opens up more opportunities to people at all levels in the marketplace.”
The role of Loan Market in this venture is to speak with all the buyers and sellers.
Loan Market Bendigo owner Trev Shand said his business needs to make sure that all buyers have the right pre-approvals in place before attending auctions.
“There are a lot of unknowns in auctions, which is why both buyers and sellers need to be prepared. Our job – as we work with Ray White – is to educate every person and eliminate risk,” he said.