HI,
I am currently cleaning out the deadwood in my portfolio and have a negative geared property in a satellite city of Brisbane (think lakes) that I really want to get rid of. I have said go to auction to the agent as this place has been on the market for 5 weeks now with very little interest. I was hoping to ride the coat-tails of another auction for a similar property on the same day. I have been told the agent wants to auction it in the head office rooms in Lutwyche. On Thursday 28th March, the day before good Friday. Brisbane usually gets very quiet and empty at Easter so I feel an auction during Easter or the holidays would be silly. To
Any thoughts on In room vs on site? Holidays or not? Or wait 8 weeks till schools back?
Andrew
i would have to say site auction over room. people would get emotionally attached to the property if they are standing in or in-front of it however if they are in room off-site they might forget how the property looked and may drop off as a bidder.
I would generally recommend on-site but, thats assuming the property presents well is it empty / tenanted?
Another vote for onsite – particularly if it's a property that is going to predominately generate interest from owner occupiers. As made man above has mentioned – emotions run sky high at auctions.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Andrew,
Being an ex real estate agent I have a couple of questions:
1) Is their a reason why you have put this property for auction vs private sale – Not saying its bad but the question is why?
– From my point of view (I could be wrong) auctions are great when the market is cooking, but allot of buyers are very conservative ay the moment.
2) Timing: This is a very good question Andrew, some of my best results where homes that where sold during holiday periods because I usually found that the people coming to view the home where more realestic vs just window shopping.
3) Vendor finance? Have a look into this as well…
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi Ten,
It is vacant. I am of the impression that is best for selling what is basically an ordinary 4 bed rendered brick, tile floor investment property in Springfield Lakes. It doesn't look too bad. I would post a picture if I could figure out how!
Andrew
Thanks Johann,
It was private sale for 5 weeks. Very little interest in whole estate. Not many opens and not many lookers. Rained out for 2.
Going to auction because I need to get rid of it. For me, timing is good. (as opposed to market timing)
There was an onsite auction last week on a similar property. In my opinion the house sold for a very reasonable price with 4 parties biding.
I looked at vendor finance. I cannot compete with all the H&L packages out there for price and I cannot keep money in the deal. I really need out so I can move onto my next project.
Andrew
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