Other videos in this series

Why buyers struggle at auction, and how agents can guide them

Auctions remain the most transparent way to sell property, but many buyers still find them intimidating. Loan Market data shows a stark confidence gap across generations, with over-55s feeling largely unprepared and under-35s relying heavily on research and rehearsal. Mortgage broker Kris Faife says agents who help clients set bidding limits and base decisions on comparable sales are seeing far better results — turning stress and uncertainty into strategy and success.

Watch More »

TRANSCRIPT

Guys and girls. Listen very carefully. The market no longer will put the deal together. Fear of missing out. Buyer urgency has eased.
 
You’ve got to be a deal maker and what that means is you’ve got to start having some real conversations within those throughout the campaign. You’ve got to get super close to buyers and you can’t have luck as a strategy on auction day.
 
So what I’m saying is this. You have a buyer meeting with the buyers the day before the auction. I’m saying to you that you call the buyers at the morning of the option. You make sure that they’re coming.
 
I’m also saying to you that, what you’ve got to get super, super clear here: this marketplace has changed. Speak to your buyers three days before the auction. Ask ’em, “What do you think the reserve should be?” Take that information and then tell your vendors exactly that. “This is what the buyer said the reserve should be.”
 
Because I’m saying that auction day is the reward, the congratulations, the present for you doing incredible work for 25 days prior to the auction.