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Have you planned your auction to fail?

Melbourne vendors need to have a plan in place in the event that their property fails to sell during an auction. In fact, current trends indicate that more homes are failing to sell under the hammer than earlier this year, according to CoreLogic data. Experts warn that the number of homes that are passing in or selling prior to an auction will only increase in the lead up to Christmas. To prevent being a part of the auction-fail statistics, vendors should not offer their reserve to the agent before the auction starts. Also, vendors should conduct their own research instead of relying solely on an agent.

Get an understanding of the sales on your property’s street and neighbourhood to give yourself a negotiating edge. Being knowledgeable of the ins-and-outs of your property’s profile will help you set a competitive reserve price and will allow you to negotiate intelligently immediately after a property passes in. To lock down a sale, it may help to offer longer settlements, smaller deposits and earlier access to the property. At the end of the day, be willing to negotiate with people. Read more about how Melbourne vendors should plan ahead in case their properties pass in at auction here on News.com.au.

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