The Property Academy Podcast How to Sell Your House For WAY More (Auction Tips for Sellers)⎥Ep. 1968
Jan 30, 2025
Learn how to maximize your property's value at auction with insider tips! Discover the role of auctioneers and how to strategically set your reserve price. Find out what happens if bids don't meet expectations and how to negotiate effectively. Hear a compelling case study where a seller exceeded their reserve dramatically. Plus, understand the importance of pricing strategies, including the emotional aspects of setting your 'dream' and 'lowest' prices. Don't miss the pitfalls of rejecting offers that may lead to missed opportunities!
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Episode notes
Set Reserve Based On Competition
- Set your reserve after a short meeting with the auctioneer using open-home feedback and registered bidder counts.
- Adjust the reserve based on expected competition: higher with one bidder, lower with multiple bidders to build momentum.
Write Down Three Price Limits
- Write three seller numbers down: dream price, fair market value, and absolute lowest.
- Use those numbers to stay firm during negotiation and avoid emotional decisions on auction day.
Expect Post-Bid Negotiation
- If bidding stalls below reserve the auctioneer will pause and negotiate with the highest bidder.
- Be prepared to have the auctioneer push the bidder up or to bring the property back 'on the market' at a negotiated price.