Why Auctions are so Good for Apartment Sales
If you're selling an apartment, you might be wondering whether or not to sell it through auction.
New Zealand has been using auctions to sell properties since the 1800’s. It's a great method of sale with a set time frame that provides transparency for all parties involved and especially useful when selling apartments.
In the Auckland apartment market it's tricky to have your property stand out. Most apartments are extremely similar if not complete mirror images, and they're in the same small footprint of a location. Auctions help your property stand out, give it a limited buying window which forces action, are useful for tenanted properties and can 'freeze' the building of any other sales.
Forcing buyers to commit. One of the biggest advantages of selling your apartment through an auction is that it forces buyers to commit. By placing a fixed sale date on the property, buyers are forced to make a decision about whether or not they want to purchase your property. This can be beneficial because it means that you're more likely to receive a fair offer for your property since buyers can't lowball you or try to negotiate after the fact.
Stopping other sales in the building. Another advantage of selling your apartment through an auction is that it stops other sales in the building. This is because when buyers see that your apartment is up for auction, they'll withhold from buying the unit next door until your home is sold. This effectively gives you a monopoly on sales in the building, which can be beneficial if you're looking to get top dollar for your unit.
Tenanted properties. Finally, auctions can also be advantageous if you have a tenanted property. This is because the sale process is typically shorter and less disruptive for occupants. As a result, you won't have to worry about disturbing your tenants or having them move out prematurely.
As you can see, there are several reasons why selling your apartment through an auction can be advantageous. If you're looking to force buyers to commit, stop other sales in the building, or avoid disrupting tenants, then an auction might be the right choice for you.
We are known as an auction powerhouse. Theres a lot to getting an auction right, and we would love to talk you through it.
Talk to a city sales broker today to hear how we can help you get top dollar for your auckland apartment.