Aris Dendrinos - Market Update
“Last week I wrote about the Auction clearance rates and briefly touched on the two most important things that need to be in place for a successful Auction.
They are simply :
1. The property is conducive to a competitive bidding environment.
2. The owner accepts and buys into the process.
They sound very straight forward but it amazes me how easily Agents can ignore them. I should know because as a young man many years ago I made the same mistake.
I'll never forget an elderly owner of a home in Hurlstone Park who a week out from Auction day told me he didn't care if I had a large number of buyers intending to bid and that the Auction would be excellent. He just wanted it sold and instructed me to ring them all and take the best price whatever it was. He also said he never really wanted to Auction it in the first place as it was too stressful for him and he never really liked that method but did so because I kept strongly recommending it to him.
I learned from that day as a professional your opinion may be sought by an owner but not necessarily always accepted.
So when I sit with an owner today I always ask them what they feel about the way they might want to sell their home. In many instances, I've seen quite quick turnarounds towards favouring the Auction process, usually when numerous myths are debunked with facts and logic.
But there is still a significant number of owners who would prefer to sell with a price. What irks me the most though are Agents that are adamant only one way is the right way to go and consequently recommends Auction because it suits them and their office more than it may the owner.
We tailor our campaigns for both methods of sale because there really is no right or wrong way, there's just the way the owner decides. Make sure if you are thinking of selling you receive the same type of balance and consideration from whichever Agent you ultimately choose.
After an absolutely horrendous week of weather I hope this Long Weekend is much sunnier and kinder to us all.”