Prepare for rain, hail and setbacks
PREPARATION is key to a successful auction but things don't always go to plan.
And while wild weather may be one of them, stormy skies don't usually deter genuine buyers.
"I remember a house that was sold at auction for 4$ million last year," Place Bulimba agent Shane Hicks said.
"There was 25 registered bidders and a crowd of 250 and we were going to hold the auction on the tennis court.
"But then a storm rolled in so we held it on the deck in the torrential rain. If people want to buy a house they will come rain, hail or shine."
Likening an auction to a garden wedding, Mr Hicks said it was always important to have a plan B.
"And a plan C, a plan D," he said. "Things can go wrong but you just have to keep everyone calm.
"Selling real estate is rarely black and white."
But some of the biggest clangers come auction day are rarely related to the weather, Mr Hicks said.
He said issues with financing was the most common problem encountered.
"From the start we encourage all interested buyers to start that pre-approval conversation with their advisers early," he said.
"The other issue that can come up is a party being out of town, but that's usually an easy fix as they can register an agent or friend to bid on their behalf.
"And sometimes a buyer has sold their own property and then there is an issue with that contract.
"That's when we encourage them to still attend the auction and if it doesn't sell we can enter in to a private treaty."
As for sellers, Mr Hicks said there were a few things they could do to ensure their best shot at auction.
These included providing a building and pest inspection to all prospective buyers, get a rental appraisal done, provide a report on all of the easements, stormwater and sewer pipes on the property, list comparable sales in the area to give the purchaser a broad guide as to the price range and ensure the agent is opening for inspection during the week and on a Saturday.
"All of this will put the seller and agent in more control but more importantly make the buyers job of making the decision much easier and give them a great deal of confidence in that decision," he said.