I can’t thank Andy and the team at Lewis Coburg enough. Unlike the other agents I saw, Andy gave me good reasons to increase my price expectations – and he was right.
In this climate of uncertainty I was also wary of paying for advertising and then have an auction pass in leaving me with all the expenses and no result; or worse, being pressured to sell below reserve to cover auction costs. This actually happened to a work colleague with a major agency just after I sold.
Lewis often uses what they call the silent auction process. They cover all the advertising and costs and only take a % after the property is sold. They market to their contacts and other interested parties with the aim of quality over frequency in terms of property inspections. So less people view the property but those who do are more likely to buy. There are no open days per sae.
Each buyer then places their highest bid and signs a contract. This bid is sealed and no further bids are accepted from that buyer. This encourages each bidder to put their maximum and it works. The “auction” is ended after a few days.
About 9 people were interested and only one made a bid but I got the maximum in my expected range plus change. Thanks guys!