{"id":5847,"date":"2015-09-24T01:00:08","date_gmt":"2015-09-23T15:00:08","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5847"},"modified":"2015-09-24T01:00:08","modified_gmt":"2015-09-23T15:00:08","slug":"whats-the-best-way-to-sell-my-property","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/whats-the-best-way-to-sell-my-property\/","title":{"rendered":"What\u2019s the best way to sell my property? – Rod Amos"},"content":{"rendered":"

 
\nIn today’s show, together with\u00a0Rod Amos<\/strong>, a professional auctioneer, we look at the best way to sell a property, by auction or private treaty.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:\u00a0<\/b> A question that\u2019s commonly asked is, \u201cWhat\u2019s the best way to sell my property? Should I do it through auction, or should I do it through private treaty?\u201d
\nMy next guest is Rod Amos. Rod is professional auctioneer who works around New South Wales. His company is East Coast Auctions.
\nI guess we come across this quite often, Rod, where people genuinely want to know: is it about the property? Is it about the market? Is it about the price? What makes a good auction?
\nRod:\u00a0<\/b> Good question, Kevin. I\u2019ve been an auctioneer for 15 years. Going back to 15 years ago, there was a bit of a belief in lots of areas that I do that auctions really benefited something that was a little bit unique. Why would you take a property to auction, for instance, in the estates where the only difference might be the color of your front door?
\nBut when you look at the agents and offices who do specialize in it, they understand the dynamics of it. It has pretty much been proven that even where you\u2019re looking at like for like, it\u2019s a matter of really getting the clarity and, importantly, the competition of people on the day. That\u2019s a big difference.
\nAs a buyer, it\u2019s taken with a grain of salt when you\u2019re told, \u201cThe offer\u2019s not high enough, and there is somebody else who is also looking at it.\u201d The big thing for buyers is that on auction day, they\u2019re actually able to see and listen to the competition, as well.
\nTo me, that\u2019s oftentimes a bigger advantage for the buyer because they get to see that the market is just in favor of that property as they are. But it also means they have some clarity there that they\u2019re not the only ones who definitely want to get their hands on it.
\nKevin:\u00a0<\/b> There is a common saying in the industry, too, that if you want to get a premium price, the only way to do it is to go to auction. Do you subscribe to that?
\nRod:\u00a0<\/b> Every property I\u2019ve sold myself \u2013 which is only a handful \u2013 I\u2019ve always taken to auction. Naturally enough, I\u2019ve employed another agent, and then I\u2019ve had to entrust and put the pressure and responsibility on another auctioneer.
\nIt\u2019s also the case that the thing for me different to most people is that because it\u2019s a day-to-day occurrence, I\u2019m familiar with the process, I understand how it works, and naturally enough, that\u2019s what gives one the confidence to go forward with it. It\u2019s a little bit different, obviously, if it\u2019s a vendor, and for most people, you\u2019re selling every ten years, or as a buyer it might be the same time in between purchasing property.
\nI think in general when we look at some of the major markets, Sydney and Melbourne in particular, it is the preferred way of selling. The reason it\u2019s preferred is the vendors see that it\u2019s working for their neighbors and buyers also get a little bit on clarity of the fact that they\u2019re exactly where their competition is on the day when it gets down to finding out who the new owner is.
\nKevin:\u00a0<\/b> I think sometimes, Rob, we ask the wrong question. We ask whether this is the right property to be taking to auction when we should be saying, \u201cAm I the right person to have my property auctioned?\u201d Properties are properties. They don\u2019t make the decisions about whether they should sell or not. It\u2019s really the buyers and the sellers who make those kinds of decisions.
\nRod:\u00a0<\/b> That\u2019s right. The point being that I find with auction, too, the pressure goes back onto the agent. I\u2019m in an area where lots of agents who probably aren\u2019t quite as effective in the marketing and negotiation and doing the hard yards will say to people, \u201cDon\u2019t go to auction because it\u2019s a really strong market. We\u2019ll sell it probably in less time, and you\u2019re going to be really happy with the result.\u201d We know when we have that level of competition, in most cases they\u2019re probably going to achieve more at auction or through an auction campaign.
\nBear in mind, not everything sells under the hammer; it may well be that the pressure of going to auction will often draw forward an offer from the buyer well beyond the vendor\u2019s expectations, and we do see properties selling prior to auction. That\u2019s generally because you have one buyer well out beyond the rest of the pack due to the competition.
\nKevin:\u00a0<\/b> As I\u2019m speaking to you, Rod, of course, you told me off air that a number of your properties this weekend have actually sold prior to auction. Is that a good idea for a seller to accept an offer before auction?
\nRod:\u00a0<\/b> There\u2019s only one person who can make that decision, and that\u2019s certainly the vendor. What it basically comes down to is obviously when an agent is listing a property, the vendor and the agent deciding, \u201cBased on where the market is and on comparables, where do I see it?\u201d and obviously, a vendor would like to see a higher figure than a lower one.
\nYou\u2019re working on a figure for the vendor that the agent\u2019s responsibility is to deliver and exceed. Throughout the campaign, it\u2019s often a case of there\u2019s one buyer who, for whatever personal reasons, is well beyond the indication other buyers are giving leading up to the auction. Now, generally that will only happen in the last week of the campaign where the agent knows who they\u2019re working with and is aware of who is prepared to be there on the day.
\nI should make a distinction. It\u2019s one thing to make an offer. What any good agent should be doing is saying, \u201cWell, if you do want to move forward and purchase this property, there\u2019s no point in just giving me your price. What I\u2019m going to need to do is have a signed contract with that with that 66W to ensure that it can go forward. I\u2019m going to need to have a check to deliver to the vendor. Once I have that, I\u2019m to leave it with the vendor to make a decision.\u201d
\nIn fact, there were three instances out of six this weekend where there was one party who was well beyond the expectations of the rest of the market.
\nKevin:\u00a0<\/b> It goes to show, but as you say, it\u2019s really up to the seller to make that decision.
\nRod, we\u2019re out of time, unfortunately, but it\u2019s great talking to you. Rod Amos has been my guest from East Coast Auctions talking about whether or not you should go to auction or private treaty.
\nWe have a lot more to cover, Rod, so we\u2019ll come back in future shows and talk to you again. Thanks for your time.
\nRod:\u00a0<\/b> Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show, together with\u00a0Rod Amos, a professional auctioneer, we look at the best way to sell a property, by auction or private treaty.   Transcript: Kevin:\u00a0 A question that\u2019s commonly asked is, \u201cWhat\u2019s the best way to sell my property? Should I do…<\/p>\n","protected":false},"author":176692471,"featured_media":5828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,22,23,25],"tags":[101],"class_list":["post-5847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-research-topic","category-selling-a-property-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nWhat\u2019s the best way to sell my property? - Rod Amos - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/whats-the-best-way-to-sell-my-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s the best way to sell my property? - Rod Amos - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show, together with\u00a0Rod Amos, a professional auctioneer, we look at the best way to sell a property, by auction or private treaty.   Transcript: Kevin:\u00a0 A question that\u2019s commonly asked is, \u201cWhat\u2019s the best way to sell my property? 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