Whether you are selling equipment, vehicles, businesses or other assets, the many benefits of auctions make it an excellent method for any sale. This effective form of sale is not only exciting and appealing to potential buyers, but it offers considerable security to the seller.
Fast Sales
Auctions have clearly defined dates which offers the vendor the potential to sell much faster than through a private sale. In the lead up to an auction, auctioneers focus their efforts on a concentrated marketing campaign which runs over the course of three to four weeks, which can also significantly reduce overall advertising expenditure.
You’re Protected by the Reserve
An excellent advantage of auctions is that while there is a strong possibility of selling for more than in a private sale, you still don’t have to settle for less. A reserve is a minimum sale price set by you, the vendor. You do not have to sell if the reserve is not met or you are not satisfied with the highest bid.
Generates Competition
The energy of a live auction encourages competitiveness between bidders; usually resulting in a higher return for the seller. Sometimes, competition can be so fierce that buyers make pre-auction offers, for fear of losing out.
Access to a Large Pool of Potential Buyers
In the event that the property does not sell at auction, you will still have access to a large pool of serious buyers – some of whom may have already made an offer.
Another significant benefit of auctions is that they are more likely to attract serious buyers. As auctions carry unconditional contracts, once the property is declared sold the bidder is legally obligated to buy and there is no cooling off period.
