Luck is not a strategy for auction day: Tom Panos

The National 2018 Auction Round Table presents some of our top Auctioneers giving their best tips for agents using Auction as a method of sale.

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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.

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