When you’re looking to sell your property, doing so at an auction could help you get the best price possible. The ideal scenario is simple – the potential buyers engage in a bidding war, and you reap the benefits you wouldn’t have with other methods of selling.
And while you can go to a traditional auction, modern times have brought novelties into this process. As a result, internet auctions have risen in popularity and could indeed be the best way to sell your house online in the UK.
Now, an auction isn’t always the ideal choice, and good online estate agents will advise you on this. But if you decide that an online auction is the way to go, then the following tips can help you sell your property for more.
Get Professional Photos
It doesn’t matter how you’re selling your home, you need good photos of it for marketing purposes. However, this is even more important when you’re using an online auction.
Since these events are timed and handled over the internet, a prospective buyer may not get the opportunity to visit your home in person. This means they will base their decisions almost entirely on the photos you provide. For that reason, you should spare no expenses in this regard.
The simplest solution is to hire a professional photographer, preferably one who has experience in this particular field. They will know how to make use of the light, angles, and other elements to make your property look as appealing as possible. The more potential bidders your photos draw in, the better the odds of a bidding war occurring.
Pick the Right Moment
Online auctions are a quick way to sell your property. This allows you to capitalise on favourable market conditions.
Therefore, if you notice that the market you’re in is experiencing high demand and a shortage of supply, an online auction can be a great way to quickly attract numerous bidders who are likely to compete very aggressively.
On the other hand, online auctions can also help in struggling markets. If the property prices in your area are dropping, a quick online auction can allow you to get ahead of it and sell for more than you’d get otherwise. With traditional listings, buyers can wait for the property to depreciate further. However, auctions have a strict time limit which creates a sense of urgency.
Set the Right Guide and Reserve Prices
The guide price is publicly advertised and is there to lure in bidders. The reserve price is the minimum price that needs to be achieved for the auction to be a success (and is kept confidential). By finding the right figures, you can create a competitive environment and ensure you don’t sell for less than you’re prepared to.
Good internet estate agents will give you an accurate valuation of your property and help you find the right balance between the guide and reserve prices that will attract the best buyers.
Make Your Property Available for Viewing
This is an online process, but you still have the option to allow interested parties to visit your property in person. And you should take advantage of it.
Naturally, this also means you should stage your home. Mirrors can make the rooms appear bigger, lighting can improve the atmosphere, the smell of baking can evoke fond feelings, etc. Use these tricks of the trade to create interested bidders who’ll make the auction a very competitive affair.
Do Marketing of Your Own
A great thing about online auctions is that the real estate company you’re working with will handle the marketing. However, it never hurts to double up. There’s no need to pay for ads, but do use social media to get the word out. Also, let your friends, family, and colleagues know about the auction – you never know where a potential bidder can come from.
Waiting for the Virtual Gavel to Fall