Property Auctions versus Ordinary Selling: A Comparison
The present unpredictability of the economy makes selling property a frustrating process- intimidating even. One of the many choices that are available to sellers is auction. It offers numerous unique benefits for property owners that wish to have better control over the selling process. Whether you are considering the possibility of selling or you have tried out numerous other methods before, it is not a bad idea to explore property auction.
What to expect at an auction
A property auction focuses on your property. As the seller, you are the one who sets the auction date. This means that you actually know the specific date when your property is going to be sold. Property auctions utilise aggressive and targeted marketing. Often, it utilises such tools as brochures, signs, emails, newspapers, direct mail, email, and telephone among others.
Auctioning the property creates a sense of urgency and it is a particular benefit that there is no limitation to the property’s upside potential. It is also effective at eliminating the hassle of having to set an asking price for the property. Also, buyers will be competing with each other to own the property. Also, every single offer is going to be presented during the auction.
What to expect in an ordinary sale
When you goo the traditional route, your property will be one of the many that are going to be up for sale. There is a possibility that your property might remain in the market not only for months but maybe even for years. Advertising is going to be minimal and marketing relies heavily on listing services.
One of the downsides of traditional property sale is that it falls heavily on the seller to have to negotiate the sale. In addition, there may be a need to reduce the price just to create activity and buyer interest. The upside potential of the property is also going to be limited by the asking price. Since negotiations have to be carried out they can be drawn out for a long time- it is not ideal for those that want to sell right away. It is also quite rare to get several offers in a single setting. In addition, it is hard to determine when the sale is going to be expedited too.
Why use the property auction method
If you are a homeowner who wants to accelerate the property sale, the auction method is a good idea. It is also effective at generating additional activity as well as more interest from consumers. Since properties that are being auctioned are advertised it is effective at creating that sense of urgency. Every interested party will then be gathered together on the specific date and time to bid on it.
Types of properties to be auctioned
Different auction houses cater to different types of properties. But if you are thinking of selling yours, make sure to check first if the auction house caters to your property type. Most of the time, land, commercial, and residential properties can be auctioned. When in doubt, ask around and give the auctioneer a call.
Auctioning a property is a very good way of selling it fast and at a good price too. Learn more about property auctions and its benefits by reading about Tim Meakin from Toton online.