- Seller FAQs
Frequently Asked Questions
What is the best day and time to conduct an Auction?
Anytime; if a prospective purchaser is genuinely keen on purchasing a property, they will either be at the auction or make alternate arrangement to bid on the property.
What is the difference between Private Treaty and Auction?
A private treaty sale occurs when a vendor sets a sale price on their property and the real estate agent negotiates with potential buyers to achieve the best possible sale price.
An auction involves potential buyers bidding on a property at a specified location and time. This can be achieved either onsite at the property, in a dedicated auction room or online. The highest bidder purchases the property, as long as the bid matches or exceeds the reserve price set by the vendor.
In most cases, properties that are sold via a private treaty take longer to sell compared to properties sold at auction. The primary reason for this is due to potential buyers not compelled to act as quickly as no “end date” had been set.
What is a Virtual Auction?
A Virtual Auction is a sales method often used by Real Estate Agents to assist them in offering and selling the property to online bidders’ who are often located in different locations or geographical areas to the selling agent or the property being offered.
Virtual Auctions may take place over a set period of time nominated by the Vendor. Time frames can vary between 5 minutes to 30+ days.
During this time, prospective buyers are required to register online and place their bids via the Auctions Live Bidder App.
At the end of the period, if the reserve price has been met, the highest bidder wins and will be required to pay the agreed percentage (%) of the purchase price as a deposit and sign the contract of sale.
What are the Benefits of a Virtual Auction?
Virtual Auctions are becoming more widely accepted model as they provide Vendors with the following key benefits:
- Capacity to sell prior to the auction, at auction or post-auction
- Ability for agents to pre-qualify bidders
- Facility to implement flexible time limits
- Capability to increase competition through local, domestic and international buyers
- Power to create a sense of urgency around the sale of the property
- Opportunity to review and amend reserve price
- Potential to obtain a premium price through competition
- Proficiency to sell in fewer days on market
- Alleviate the pressure and stress of selling
Why should I take my property to auction?
By taking your property to auction, you inadvertently remove the property price as a barrier. And by removing the price as a barrier, you increase the number of potential buyers for your property, and assist in driving competition and creating a sense of urgency.
What are the benefits of selling my property at auction?
Selling property at auction offers a number of benefits including:
- Flexibility to set a settlement date and terms
- Increased competition with 100% transparency
- Creation of a sense of urgency and competition based on a set “end date” that often leads to more bids and a higher sale price
- Reserve protection represents the lowest offer that a vendor is willing to accept. This means that the property will not sell unless a bid is equal to or greater than the reserve price.
- No cooling-off period, meaning the highest bidder above the reserve is obliged to purchase the property, resulting in a quick and definitive sale.
Does Auctions Live offer Online Bidding?
Yes, Auctions Live does offer Online Bidding for Virtual Auctions as-well-as an optional feature for In-Room and Onsite Auctions.
Does selling my property at auction means I will get less?
No, it does not, by selling your property at auction it means you will get the fair market price on the day.
Will my property sell for more than the Price Guide?
Auction properties can often sell for more than the advertised Price Guide, although no Selling Agent or Auctioneer will guarantee this.
Can I set the price I am wanting to sell at?
Yes, this is called the "Reserve Price" and it is kept confidential between you, the Selling Agent and Auctioneer.
How long is an auction property campaign?
Typically auction property campaigns run 4 – 6 weeks.
What should I look for in an Auctioneer?
Vendors are often provided with numerous choices when selecting an Auctioneer, and should not just simply choose any Auctioneer when selling their most prized asset.
Before selecting an Auctioneer, you should research various Auctioneers who operate in your local area and view their past auction videos and clips.
Auctions Live does not recommend selecting an Auctioneer purely based on price. When choosing an Auctioneer, you should also look for their ability to read the auction floor, ability to read body language and ability to defuse tension.
What is an "off-market" sale?
An "off-market" sale is when a Vendor sells their property without advertising the property to the public.
What is the benefit of allowing online bidding for my property?
By allowing online bidding, you will enable your agent to broaden their buyer pool to increase competition. Make it Simple and Easy for Foreign Sellers and Buyers to Transact with your Agency
What is a key benefit to me as the Vendor in using Auctions Live, compared to other services?
Auctions Live provides a multitude of benefits to vendors, and one of the key benefits vendors experience is the ability to have their property showcased as the star, and not competing with other properties and rival agents.
Auctions Live assists in promoting upcoming auctions through integrated social media sharing in an effort to increase registered bidder interest and online enquiries related to upcoming auctions.
All information contained within the Frequently Asked Questions is general information, advice, recommendations and answers.
The information does not take into account the particular needs and circumstances of individuals and companies, or legislation governing auctions of various countries and states.
Before listing or selling your property at auction you may wish to seek independent professional advice.
Every effort is made to provide information that is accurate. However, the information contained within the Frequently Asked Questions are subject to change at any time.
RE Software Pty Ltd gives no assurance or warranty that information is current and takes no responsibility for any information provided.
Is Auctions Live a Real Estate Agency or Auction House?
No, Auctions Live is not a Real Estate Agency or an Auction House. Auctions Live provides a range of software options to assist Real Estate Agencies, Auction Houses and Auctioneers to achieve the best possible price for their vendors.