If you’re worried about what’s going to happen on auction day then you’re already in trouble. My Coaching Tip today is about how to set up for auction success with your sellers and buyers.
Everything you do from the moment you list a property determines what will happen on the day it’s selling. The first thing to do as soon as you list the property is hold a set up to sell meeting with your clients. In that meeting, you’ll prepare them for what to expect from inquiries, inspections, second appointments, contract requests, and how long it takes to get the first offers.
You will find that consumers have become impatient over the past 10 years. Many of them don’t want to wait three or four weeks to get to auction day. They may be impatient for a number of reasons, but these buyers are the ones you really want to work with. Get them excited about the home, let them see their competition at the open for inspection, and be ready for their early offers.
You’ll need to work with your sellers every business day around the importance of early offers and how those can change the campaign or the quote. They must also be aware that the market may be performing at a different level by the day of the auction then it is now. It’s your market knowledge that will indicate to them exactly where to set the reserve in order to sell on auction day.
You’re also going to do buyer meetings leading up to the auction. Explain their rights, responsibilities, and roles so they’ll know exactly what to do on auction day. Ask them some simple questions that are pivotal in setting up for auction success through clear communication. To gauge their level of commitment, find out if they intend to be at the auction, register, bid, or bid to buy. And finally, ask the buyers what you can tell the homeowner about their intentions.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.