Property auctions have always been a good way to sell and buy properties. The main purpose of auctioning a property is to sell it faster and at a higher price.
Till few years back, people thought that setting a higher starting price in an auction would help them secure a better final price. But lately, sellers have realised that setting a lower starting price is what leads to higher final prices.
This might seem strange, but that’s how auctioning works in today’s time. So, if you are ready to get the Top dollar for your property, read through the tips we have included in the below lines.
- Encourage Competition
When you set the starting price low, it makes buyers feel like they need to act fast so, they don’t miss out on a great deal. This makes them want to compete more with each other, pushing up the price during the auction. It creates an exciting atmosphere and can push the final price much higher than expected.
- Make Buyers Feel Like It’s A Good Deal
Setting a low price makes buyers feel like they are getting something valuable. This makes buyers pay more during the auction. This is a great trick to raise the final price of your property.
- Create A Buzz
A property listed with a low starting price gets people talking in the property market. This grabs the attention of potential buyers, investors, and agents. In some cases, even the media might get interested, causing more people to join the bid.
- Take Advantage Of Buyer Competition
People like to compete, especially when they want something valuable. When you start with a low price, it gets buyers excited to compete with each other. Winning a bidding war gives them a thrilling experience, and sometimes they end up spending more than they planned. When buyers get caught up in the competition, they tend to pay more than they would have if the starting price was higher.
By following these easy tips and tricks, you can boost the sale price of your property at an auction. When it comes to auctioning, there’s no harm in tricking buyers to pay more. After all, that’s what auctions are made for!
