Help fund relief efforts for the Australian Bushfires #beyondthebricks
Support Now
News

Commercial Ferntree Gully sees value in auction method

RAY WHITE Commercial Ferntree Gully Sales and Leasing Executive Mitch Rosam knows all about the auction method and why it succeeds for his vendors.

“With an ever-changing marketplace, it gives my clients the best chance to get a result on the sale of their property through creating competition on auction day,” Mr Rosam said.

“By getting all potential buyers in one location and making them compete to buy the property, it gives my vendors the best chance to achieve the highest sale price.

“Auction creates competition by getting interested buyers on site at one time and makes them make a decision about buying the property.

“The average days on the market for auction at the moment is around 30-40 days, while the average days on the market for a private sale is around 100 days.

“The evidence will show that the best results come in the first few weeks of a marketing campaign and not after 10 weeks.”

Mr Rosam said that ultimately, it came down to pricing the property in line with what the property was actually worth.

“The biggest thing is marketing the property correctly to make sure you get as much interest as possible throughout the campaign,” he said.

“The main difference with auction is it gives buyers the chance to actually see in the flesh that other people want the property, and that realization brings to life that auction is your only shot to secure the asset.

“My best recent auction highlight was the sale of 64-68 Monbulk Road(above) in Belgrave. This property was on the market as a private sale for nine months with other local agents, but once I listed it for auction, we were able to achieve a sale price of $866,000 within five weeks.”

Mr Rosam said agents that were not entertaining auction as a method of sale could be missing a trick in achieving a deal quicker than with private treaty.

“I’d say just bite the bullet and give it a crack, because you’ll get paid the same if you sell it at auction or via private sale,” he said.

“Auction is proving to be a faster method to sell property and for a better price for the vendor, so who wouldn’t want to choose a more successful way, given the chance?”

Up to Date

Latest News