Auctioneer Mike Eastburn.
Auctioneer Mike Eastburn. Contributed

Veteran auctioneer gives top tips for selling or buying

MIKE Eastburn is passionate about the real estate industry.

As a licensed auctioneer for more than 30 years, the skilled professional has worked as a corporate auctioneer and trainer for international real estate organisations and consulted to government institutions.

Mike is a certified trainer and assessor, as well as a licensed agent and licensed auctioneer.

Mike said auctions are the oldest method of sale in the world and if done by an experienced agent with a competent auctioneer, it should be good for the buyer and the seller.

This week Mike answers a few questions about auctions in Agent Insight.

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What are the first steps someone should take when considering an auction for selling their property?

Choose an office than conducts auctions on a regular basis. Make sure your agent is competent at selling by auction.ask for some testimonial from satisfied sellers.                                             

What are the benefits of having an auction?

Cash sale, unconditional contract, chance of a premium, price goes up not down, better chance of sale and less time on the market.                                                                                                      

What are the challenges when having an auction for the seller?

More time spent on presentation for open homes (but only once a week).                                 

How can they overcome these challenges?

Maybe outsource cleaning, pool prep, lawn and gardens. Better presentation means better price.   

For potential buyers, what are the top five things they should remember before arriving at an auction?

Finance in place, building and pest report, bidding strategy/limit register to bid or if unable to attend have documentation in place to allow you to bid per phone or representative.                

Challenges for buyers?

Controlling emotions, understanding process (some buyers employ auctioneers to bid for them at auction.).                                                                                                                                     

What are your other tips?

Preparation is paramount, check out the contract conditions and anything else.