Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Auctions 3 times better than private treaties, says expert

By Tim Neary
25 October 2017 | 1 minute read
Auction

Selling under the hammer gives your home three times more charm than selling via private treaty, according to one leading auctioneer.

Damien Cooley, principal at Cooley Auctions, says that auctions are the gift that can keep on giving.

“With every other method of sale, you’ve got one chance of selling. If you put a price on it, you’ve only got one chance. The buyer is going to make you an offer and it’s going to be sold,” Mr Cooley said.

Advertisement
Advertisement

“And if you’re selling with an expressions of interest campaign, everybody puts in their expression of interest, you choose the best.

“But with an auction, you can sell the property at the auction, before the auction or after the auction. You’ve got three chances of selling it.”

Mr Cooley says that the process also creates hype around a sale and therefore a buyer’s fear of missing out will motivate them to act — even before auction day.

“When there is significant interest in a property prior, you take it to auction,” the principal said.

“Even in a market where buyers choose to sit back and wait, an auction date brings the negotiation to a head and forces the hand of a buyer to make a decision.”

Mr Cooley said that under private treaty, there is no sense of urgency.

“The private treaty method can sometimes feel like an open-ended buyer appointment with no certainty as to when the property will sell.”

He said that there is no reason to throw in the towel on the auction process, even in difficult markets.

“The beauty of auctions is you just never know who will turn up and buy. In boom markets, we sell properties site unseen and to buyers that simply turn up on the day.

“Equally, in a normal market where auction clearance rates are between 50 and 60 per cent, just the process of going to auction and passing in a property often triggers the phone to ring, with buyers ready to make a decision post-auction.”

Auctions 3 times better than private treaties, says expert
houseauction850x400 apr2015
lawyersweekly logo
Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.