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Residential property auction is one of the great ways to sell your property wherein any number of bidders can bid for your home. If you are a beginner, make it a point to attend a couple of auctions and familiarize yourself with how things work. If you’re planning to auction your property, you list with one agency and they take care of the entire process with a few minor exceptions. If you’re planning to auction the property, you should make inquires as to which agent would work out for you. Choose an agent who is experienced and qualified. Check out how many properties they have successfully auctioned in the recent past. Based on their history, you can know about their capability. Next important thing is have a very honest and unbiased look at your property. Learn from your agent about the similar homes he has sold in your area and what was there reserve price or think about sprucing up your property to make it more saleable. Look at each room in your house and find out what can be done to make it appealing. Some small things can create an impact on the room. Things like washing down a wall in the children’s room or a freshening coat of paint can help. Have a look at your carpet, do clean it if required. Make sure that mow lawns, weed garden are clean and smell fresh.
Do welcome people if they wish to have a look at your home. An auction sign will be placed in a strategic place on your property advising of the auction date. Your agent should accompany prospective buyers at this mutually agreed on times. See to it that your property look best when prospective buyers visit your home. Also try to answer any questions if they have any.
The big day finally arrives. Auctions may be held at public places such as auction rooms or function centers etc. but in certain situations, residential property auctions are held on site, either in front of the property or in the front yard. Auctioneer will tell about the property to prospective bidders, mention some of the qualities of the property and start the auction off. Auction ends when no more bids are received. At auction, if reserve price is not reached, your property is "passed in" and not sold. At this time you may negotiate, through the agent, with the highest bidder or keep the house and try to sell by other means.
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