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Ray White Mount Waverley Area Manager Jay Warnak has had copious amounts of triumph under the hammer and he believes the keys to auction success lie with the agent and how they manage their campaign.
“I think auctions work in any market. However, I don’t think it’s the market that creates success, I genuinely think it’s the agent and how they manage the campaign. If managed poorly or left to “luck”, any auction will die a horrible death.
“The bridge between genuine buyer value of a home and an owner’s expectation of their home cannot have a chasm between them.
“If you’re an agent selling pie-in-the-sky prices or valuations to your potential clients – good luck to you.
“The buyers are smarter than you and your owner. So ultimately, it comes down to what sort of business you want to take on.
“We/I always have hope for my owner, and of course we want a fantastic result.
“But I also present the higher probability outcome based on my knowledge of the values in the area and the types of buyers that I know are in the area.
“If the owner is still comfortable with that value – then I know the possibility of a dream price exists.
“Auction helps to elicit who wants it the most. With social proof on display and the fear of loss, buyers will compete with an outcome that both they and the owner will be happy with.
“12 Narmara Street in Burwood East was a stand-out for me with 16 registered bidders. Whilst the auction was announced on the market at $1,010,000 – it was actually on the market at 990,000 – and sold $42,000 over reserve for a vendor who saw the result as a win.”
