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How to sell after a failed auction

By Adrian Bo
22 February 2022 | 1 minute read
How to sell after a failed auction

I’m going to make some big calls here and take the risk that some of you may disagree with me.

That said, if you do take my advice, 2022 could be your best year yet.

We will definitely not reach capital growth of around 22 per cent as we saw in 2021. There will be growth this year. There will be buyers. But rising interest rates means we will also see the auction clearance rate drop. I’m predicting down from the 90s to the 80s percentage-wise. This means we are going to have to put more effort into post-auction selling.

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I am going to show you how you can achieve a 100 per cent clearance rate within two to four weeks of a failed auction.

Here’s my first big call.

1. Forget offering a price range, which is an auction tactic. Adopt a fixed asking price, and all those buyers who are familiar with Amazon and eBay will see in their mind a big “buy it now” button. They know the market is volatile, and seeing a fixed price will give them confidence.

Talk to the seller and set the price no more than 5 per cent over what they will accept.

I can guarantee that in many cases, you will get two or more buyers and may achieve over the asking price.

2. Talk to the owner about paying the refresh fee so that realestate.com.au and domain listings are constantly in top positions.

3. Edit the copy in advertisements based on feedback from the auction campaign. For example, if you called it an “entertainer’s paradise” but families with older kids have shown interest, think of something new.

4. Another big call, and that is to go from one or two open houses a week to at least three. It is a tough ask for smaller operations, but you will definitely see the benefit.

All of these suggestions are going to involve you in more work, but it will be worth it!

But I’m not finished adding to your workload.

5. Make a video of every property you list. A professionally produced video is going to cost between $500 and $600. If your buyer isn’t prepared to spend or there are no production companies available, then shoot it yourself on your smartphone.

The latest phones have great cameras, and the finished product shouldn’t be more than 90 seconds.

Remember to turn your phone on its side so you have an image like you see on television, not like looking through a letterbox.

Focus on the property and its best features, and if you want to appear in it too, terrific, but make it brief.

Once you’ve got the video, boost it through Facebook and Instagram and get the seller and all their friends to share it.

Video content, when posted and boosted, gets a dissemination rate of 20-times static content.

6. Now you’ve got your fixed price, edited copy and video, it is time to do some more work!

Get more involved with social media.

 

Adrian Bo is an agent, auctioneer, director of Ray White Park Coast, and founder of the Adrian Bo sales training academy.

How to sell after a failed auction
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