The Atlas team and your agent have everything covered for your auction day, but to keep you aware of the process, we’re running you through the plan of events on the day. The good news is that you don’t have to do much at all and to give you peace of mind, we’ve run through some tips on what you might like to consider doing on the day.
What happens on the day?
The first step of the day is a pre-auction open home, where potential bidders can see the property one last time before they bid. The inspection is particularly important as you could pick up an extra bidder at the last second. You also don’t want to deter anyone who came to the property to bid and now sees flaws in the home.
Just before this inspection, you should leave the property as you would for a normal inspection to give buyers the space to see the property.
Arrive at the auction (if you’d like to)
It is not mandatory to be at your property’s auction and it is advisable to discuss whether you should be there with your agent well before the day. However, if you’ve chosen to attend the auction, you should come back as the inspection starts to wrap up.
The auction will begin
Prior to the auction, your agent and the auctioneer, with your input will choose a place to hold the auction. When it’s time to begin and everything is in order, everyone will gather around the auctioneer and they will commence the auction by running through the property’s features. They will invite the bidders to make an opening offer.
Bidders will make their offers and the price will keep creeping higher until the reserve price is reached. With your agent’s advice, you can also make a vendor bid. This is when the seller, with guidance from their agent, tells the auctioneer to call out the figure that they would like the bidding to continue from. This usually occurs if the seller is unhappy with the current price of the bids and feels the figures should be bumped up, without having to make a legal “bid”.
Once the offer has hit reserve price, you have technically sold the property, but the bids will keep going until everyone has reached their limit. The auctioneer will then call the highest bid three times, their gavel will come down and the property is sold!
Next, you and the highest bidder will sign the contracts. Now, you can watch the sold sticker get spread across your signboard and begin the celebrations. Now, prepare your property for settlement and abide by any conditions in the contract in the meantime.
Dos and Don’ts
Bring a support person if you would like
We want you to feel as comfortable as possible at your auction, and if bringing a support person helps, then we encourage you to bring them. A family member or friend can come along to help you organise your thoughts and celebrate with you when the property sells.
Plan whether you will attend the auction
It is not essential for sellers to attend their own auction, although many prefer to be there for the big day. Make sure you discuss your plans for the auction day with your agent, as things may have to run differently if you are not present.
Make your home sparkling
During the pre-auction inspection, you have the opportunity to pick up a few extra bidders. Presenting your home beautifully could make all the difference, so put your property’s best foot forward on auction day.
Keep your emotions in check
Auctions can be emotional for many reasons, and it’s important to recognise these feelings without giving them complete control. Ensure you keep calm and maintain a poker face, especially during the auction, as large reactions from you could sway bidders.
Talk to potential buyers
Interacting with bidders or potential buyers on auction day could sway the outcome and could also change your feelings about the auction. If buyers perceive you to be nervous or over-confident, it could prompt them to change their bid, so steer clear.
React to bids
If you’re in sight at the auction, make sure not to jump in excitement when the property passes the reserve price, as this could make bidders react in negative ways. Supressing your excitement until sign the contracts is always the best strategy to not disrupt the auction.
Panic (even if the property passes in)
In the slim chance that nobody bids above the reserve price, the property will pass in and you can discuss with your agent what your plan of action will be. However, your property not selling is very unlikely as if your agent suspected it would pass in, they would probably not let it go to auction in the first place. Many properties sell after auction and often, for a better price than reserve, so don’t lose hope.
Enjoy auction day, as you will most likely only experience a handful of them in your lifetime. We wish you the best of luck and a fantastic result.
DISCLAIMER – The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. Atlas will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.