Question: Why would a Seller choose to Auction a property rather than just list it with a price?

The decision on how to market a property and the pricing strategy to be used, is one the seller will have made after reviewing the market, considering their property’s features and attributes and discussions with and guidance from their selling agent.  Sometimes this decision is based on the time-frame the seller is operating within, at other times it is based on the level of competition in the market place – the number of buyers and other properties which are similar – and sometimes it is because the seller and agent together feel that it is not easy to set an accurate listing price.

Ultimately, a property is worth what a buyer is willing to pay.   In an auction situation the seller is asking the market (buyers) exactly what they are prepared to pay for their property.  The feedback given by buyers prior to auction is invaluable to the seller in determining what their Reserve price should be.  It also helps buyers by ensuring that sellers’ expectations are in line with the market expectations.

Taking all these factors into account the seller will choose to go to Auction because they believe they will achieve a better outcome or a faster sale or both.

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