Auctioning an Industrial Property for Sale: 3 Smart Tips for Sellers
Do you need to set your industrial property for sale
now and liquidate ASAP? Is it taking you too long to find a buyer who will agree to a decent price? Every year, many property owners in Perth choose to sell their assets through public auctions. In addition, auctions can also help owners get better deals for their properties—sometimes even higher than the reserve prices—through competitive bidding.
In spite of the benefits it offers, however, auctioning can be overwhelming for sellers. If you are looking to put your property on auction, these tips will prove indispensable.
Tip no. 1: Be sensible.
In many instances, the only factor that keeps a property from selling is the cost. Even if the property market looks promising, be realistic about your reserve price and ensure it is in line with your property’s assessed value and the market’s current state. That being said, you should also set your monetary goals and consider your financial security so you are not easily swayed come negotiation time.
Tip no. 2: Find an experienced estate agent.
Selling a commercial or industrial property is not as easy as selling a home; the process can be arduous. Aside from all the paperwork, you’ll need to consider land surveying, find a good lawyer, and carry out other important steps. You might find it difficult to get the most out of your property investment
without an established connection to a professional auctioneer. Estate agents from reputable Perth-based firms such as Brett Halvorson & Associates are properly equipped to iron out all these transaction concerns, so be sure to consult with them.
Tip no. 3: Avoid mistakes that can drive away real buyers.
Control the urge to blab your reserve price before auction day. Do not divulge your expectations as to how much the property will sell for, as doing so can scare off potential buyers—especially if the assumed figure is beyond what they can afford. Additionally, do not interfere with the bidding game to jack up the offers; apart from being plain dishonest, doing so would only turn away bidders who have real intentions of buying.
Auctions can help sell your industrial property faster at a value that is well above your expectations. Follow the above tips to boost your odds of maximising your investment returns.
A seller’s guide to auction day – what not to do, RealEstate.com.auTop Tips to Prepare you for Auction Day, RealEstateView.com.au