Décor & Gardening

Auctioning vs selling

Auctioning vs selling

Quite often, when we hear the word ‘auction’, we think about homes being repossessed and homeowners taking extreme measures to sell. However, according to Lew Geffen Sotheby’s principal Manny Testa, auctioning is just another real estate strategy to sell your property.

According to Manny there are a few factors homeowners need to take into consideration when choosing which method is best for you. These include the kind of property that you own, where the property is located, the real estate agency and broker that you choose, your area’s current real estate market conditions and the time frame in which you wish to sell your property.

“Selling a home by private sale involves a greater level of complexity than selling any commodity. A home is a highly subjective asset. It is crucial that the agency and broker you appoint understand your home’s many unique features and stages it to its greatest potential,” says Manny.

He says your choice of agency is paramount to the successful sale of your property. “It should be based on the agency’s tangible evidence of delivery, including the number of ‘For Sale’, ‘Sold’ boards and advertisements they have for homes throughout your suburb. An agency with the greatest presence in your area has a greater pool of targeted potential buyers to cross-pollinate between properties.

Manny says, auctions are becoming increasingly popular in Australia and are a very effective way to sell your home, as the buying community knows you are committed to making an immediate sale. “The old belief that auctions are for sellers in desperate need of a sale has long since passed.”

The main component of an auction is that there is a time limit on selling negotiations. This can create more impetus and urgency from prospective buyers if the property is in high demand, which may be a great means of driving up the price.

However, the opposite is also true if there are only a few people interested in the home.

Identifying homes that would sell best under the hammer can be lucrative. A recent initiative by Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, led to the sale of a luxury villa in Clifton’s Nettleton Ridge for R90 million in November 2016. The property was jointly marketed with The High Street Auction Company and broke residential auction price records by R30 million. 

Get In Touch:
Lew Geffen Sotheby’s: 031 566 5150 / www.sothebysrealty.co.za

 

Get It Magazine (Ballito/Umhlanga) – December 2017 – January 2018


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