Can I set a minimum price or reserve price for my property at auction on the Gold Coast?

Here’s what you need to know about setting a reserve price for your property at auction:

Confidentiality

The reserve price is known only to you, the seller and the auctioneer. It won’t be revealed to potential buyers during the auction.

Protection

Setting a reserve price provides a level of protection for you as the seller. If bids do not reach the reserve price during the auction, you are under no obligation to sell the property. This ensures that you don’t sell the property for less than you are comfortable with.

Bidding

The auctioneer starts the bidding process and potential buyers place bids. The aim is to generate competitive bidding that will drive the price closer to or above the reserve price.

Withdrawal

If the bidding doesn’t reach the reserve price, you have the option of withdrawing the property from the auction. This decision can be made in consultation with the auctioneer.

I’m confident that I can get your Gold Coast property sold for the best possible price. Let’s meet over coffee and I’ll show you how. You looked for a Gold Coast Real Estate Agent and you’ve found yourself here, together we can achieve the Best Possible Price and get you sold.

Negotiation

If bidding stops just below the reserve price, the auctioneer will often work with the highest bidder to negotiate a higher offer. If an agreement is reached, the property may be sold after the auction on auction terms.

Transparency

While the reserve price is not disclosed during the auction, if the bid exceeds the reserve price and the property is sold, the auctioneer will announce that the property is on the market, indicating that it will be sold to the highest bidder.

Role of the Auctioneer

The auctioneer will guide you through the process of setting a reserve price based on market conditions and your expectations. They will also advise on auction strategies to maximise the sale price of your property.

It’s important to work closely with the auctioneer and your real estate agent to determine the appropriate reserve price for your property. Factors such as recent comparable sales, market trends and the condition of the property will all play a role in setting the reserve price. Remember that setting the right reserve price is crucial to attracting genuine buyers and achieving a successful sale at auction.

You looked for a Gold Coast Real Estate Agent and you’ve found yourself here, so let’s chat over a coffee about the process of selling your home and how it all begins. Craig Douglas, your local Gold Coast Real Estate Agent 0418 189 963

Author – Craig Douglas

Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.

I know that selling your property is a big decision, and I want to make sure you have all the information you need to make the best choice. You looked for a Gold Coast Real Estate Agent and you’ve found yourself here, let’s chat over coffee and I’ll answer any questions you have.

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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.

I negotiate and sell on behalf of property owners who want to get the best possible price with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963