Darwon's Theory
Are you a one of the 2.8 million Blockheads who tuned in for Sunday’s finale? It’s unlike anything you’ll experience in real life - but Auction Under The Stars comes pretty close (minus the fights, the floorplans and the room reveals, of course).
Our fully catered market expo is coming up fast (13 November at 6:00pm - put it in your calendar), so what better time to talk about some of the lessons we can learn from The Block?
Couple Kerrie and Spence went first. They were advised this was the best position for everyone involved. As the most viewed apartment, it was likely to hold the rest in good stead and set the price point higher for all the other teams. There’s a similar benefit to selling at a multi-property auction like Auction Under The Stars. Our team of professionals take great care to work out the order, so properties can leverage off each other. Of course, the best method of sale is dependent on the particular property - but if you’re thinking about selling next year, we can talk about whether Auction Under The Stars is the best way for you to go.
The second (and winning) couple, Hayden and Sara, enlisted Scott Kennedy Green - one of the most coveted auctioneers in NSW. They decided to go with SKG early in the game. They knew they were in good hands - and in fact, ended up taking home the winnings. The lesson here is to be confident in your decision. A great auctioneer can command attention and control the pace all the way along - that’s why we use Haesley Cush and Mitch Peereboom, the best in the biz.
Queenslanders Norm and Jess were third. They chose a Block newbie as their auctioneer, and he was feeling the pressure. Stress was coming off him in waves - you could feel it through the screen. The reserve was reached quickly, and then there was silence. So, he did the only thing you can do in that situation - called for a short break, and checked in with the vendors. This is a tactical move that gives everyone a chance to regroup. And indeed, it worked. At times, getting bids felt a bit like pulling teeth - but the takeaway here is to go with someone you feel confident in, and don’t be afraid to take a break. A well executed auction should take no more than 15 minutes - but if the bids aren’t coming, a break could help flush out a buyer.
Now for the girls, Bianca and Carla. They had Damien Cooley, a Block heavyweight, on their team. His approach was to shut down any game playing from the bidders - his response to $1,000 bid amounts was “don’t waste our time”. His moves might’ve seemed a bit bullish, but he knew the individual capacity of all the bidders there. He knew there were buyers with up to $2.9 million to spend in that room; he knew there was money left on the table. So, trust that your auctioneer has your best interests in heart - even if you aren’t a fan of their method. They want to get you the very best price for your property. Focus on their results.
Courtney and Hans brought up the rear, and boy - was that an interesting auction. Rookie auctioneer Jesse Raeburn had plenty of energy - but although the bids were coming in, they were low ($1k) and confusing ($2.5k). The auction sums were constantly checked and re-checked before the final gavel fell. He did a great job, so there's not much for sellers to learn here - but if the shoe's on the other foot and you do end up bidding, maybe try a different tactic. It'll make things easier for all involved.
If you’re thinking about selling at auction, come along and check it out. You’ve got plenty of time to prepare before our next Auction Under The Stars. If you’re in the market, come along to our open homes tonight and this Saturday - and stay tuned for the next Darwon’s Theory, where we’ll talk about buying at auction.
Cheers,
S.D.