The anxiety of putting your business on public display and the uncertainty of the outcome are the main reasons for avoiding an auction. But what causes this anxiety?
There can be a number of causes, but Chris highlights 3 common concerns.
There are no guarantees in life, therefore this statement that could be applied to any method of sale.
Based on this, we need to make sure that we put ourselves in the strongest position possible, and put buyers in a position where they must negotiate up! With a private sale, they have a benchmark that allows for a strategy for buyers to bring the price down. With an auction, they need to stay in front in order to win, and who knows where that is likely to end!
There is so much information out there that lets buyers know how to buy at auction. from an owner’s perspective, it saves the potential of missing out on opportunities because a contract fails on finance. From the buyer’s perspective, they can get everything done which would save them from wasting time!
You can have building & pest inspections done prior to auction day, valuations can be sent through as well (normally paid for by the lender!). For everyone involved it is such a clean transaction
Time to get out of your box! The auction process is by far the most systematic method in sales. You know the timeframe and the date of sale is set, so all you need to do is keep the buyers keen on the property which should be easy to do if you have enthusiasm for the property.
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