An auction is the “best method” for selling real estate, according to award-winning agent Dane Queenan, who noted the benefits of letting the market decide the “true value” of property.
PRD principal Dane Queenan said he auctions 90 per cent of his real estate listings.
Mr Queenan, who has been named as a finalist for the Regional Sales Agent of the Year award at this year’s REB Awards, explained that sometimes real estate agents “get in the way” of sellers getting the highest price for their property.
“Sometimes real estate agents get in between what the property’s worth and what they think it’s worth,” he told REB.
“Whereas with an auction, you’re actually letting the market determine what the home is truly worth.
“The key advantage with that is it could end up being worth more than you thought.”
Understanding the auction process
Mr Queenan observed that some agents do not understand the auction process, which can mean that their clients don’t get to realise the full potential of their property.
“My key advice is to understand the process, believe in the process, and the process will take care of itself,” he said.
The award-winning agent admitted that, at times, it has taken five or six times to get a prospective buyer on board.
“About a month ago, I put a property to auction and I had one interested buyer, but it took me about six times to get the buyer to inspect the property. They kept rejecting me,” Mr Queenan recalled.
“The week before the auction, I managed to get the client to inspect the property and they ended up buying it. It was very, very rewarding.
“If they didn’t come to the auction, I more than likely wouldn’t have sold that property at a seven-year record price for that street.”
The road ahead for real estate in Australia
The PRD principal is optimistic about the future of the real estate market, saying that there are “encouraging signs” that the next 12 months will be busy, such as the recent rebound in auction clearance rates and the flurry of interest rate cuts that came after the RBA cut the official cash rate twice in a row.
“Although things have eased somewhat in Sydney, the Port Stephens market really hasn’t stopped. So, I feel really positive towards the next 12 months in real estate, especially with interest rates where they are, and there is more confidence in the lending market,” Mr Queenan said.
Over the coming year, the PRD principal said he will be growing his sales team, which will help him address one of his biggest challenges: striking a good work/life balance.
“The biggest challenge for me is definitely time management… I still work too much because of my commitment to and love for what I do. I don’t think I’ve got work/life balance 100 per cent right,” Mr Queenan said.
“Growing my sales team will allow me to slow down and spend more time with my family.”