Not long ago, auctions were considered a great way to sell off a property in Australia quickly. Top dollar values were reaped as returns by home sellers. Unlike the auctions we see in movies, property auctions don’t involve a big gathering of crowd, making bids when selling off antiques or artwork of. Property auctions are a bit different.
They used to be the best alternative when one didn’t want to work with an investor’s agent. But as times changed and the advent of internet, and it started to become a common platform of selling and buying, people finally realized the many disadvantages of property auctions they initially didn’t perceive. What disadvantages, one may ask. Here is a list of 4 such cons which supports the hype behind online property sales.
Disadvantages of Auctions
- A slow bidding, at times, degrade the value of the house, making the buyers wonder why no one wants to invest in it or buy it. Such properties rarely get a good sale price.
- Many potential buyers on the look for their dream house don’t wish to take part in a bidding contest as they aren’t a fan of the immediacy and competitive nature of the auction. When such potential buyers don’t bid, the seller isn’t left with many choices.
- Marketing a property can be an expensive business and not many vendors will be able to invest in it.
- Auctions are great when you wish to sell off a property quick, but quick selling doesn’t always guarantee the desired price.
Why The Internet Wins?
If you are a buyer and planning to make the move, booking removalists will be a chore at hand. Pick a reputable firm to get the job done professionally. But before you move into your new home, you will need to purchase one. Where to start looking? Did you know that in today’s world, 86% of Australian population when searching for a new home to buy or sell the one they live in, turn to the internet for help?
By posting an ad on social media platforms and online property sale sites, these buyers and sellers are putting themselves out in the open with thousands of buyers and sellers to view their ad. Why do we think it wins over auction? Here are our reasons:
1. Cheaper advertising:
Unlike traditional means of marketing as practiced in property auctions, sellers don’t have to invest much when putting their property up for grabs in the online world. Secondly, you won’t have to attend calls or meet every interested buyer in person when you can simply have them over Skype chat or private message.
2. Localised listings:
There are many big websites who also have sister websites dedicated to cater the audience of a single town. Placing your online ad there will get you more organic clicks from people who are actually interested in a deal.
3. Virtual tours and photos:
Nearly all listing websites allow for photo additions with the basic information of the house, many even go to such lengths to promise you a virtual tout of the place so that buyer can view what the house looks like in real without having to drive down and visit the place.
All these perks are reason enough to convince one to choose online property selling over auctions and get their property sold in their desired prices. However, the one thing that matters the most is your online presence. When selling online, the seller needs to be apt with his/her replies and be willing to answer all queries from potential buyers. Slow or frequently disconnected internet connection might hinder the process. Therefore, in order to reap the best deal, invest in a good internet package. Educating yourself on the speed of nbn plans and picking the quickest, removes another roadblock to a quick sale.