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Auction Success Rate due to Vitale Ingredients C/- Keren Bellos Western Suburbs Weekly Residential Magazine

Tuesday, 27 November 2012

“There’s a public misconception that if a property passes in, the auction’s been a failure, but this is not the truth as it’s all about the process,” Vitale Fine Properties principal David Vitale said.

“An auction campaign allows you to focus on the positive attributes of a property rather than guard a hypothetical price. “Auction is the purest form of marketing without a price.

“When you market without a price, you attract more people to a property and allow them to engage emotionally with the home.

“We have found that most properties which don’t sell under the hammer are sold either that day or within two weeks of the auction.

Mr Vitale said six of the agency’s past 10 listings that went under the hammer sold before, during or immediately after the auction, two were snapped up within two weeks of auction day, and two had attracted multiple offers.

These included apartments that sold at auction for $600,000, while a Mosman Park property that passed in at $8 million had received offers.

Mr Vitale said one of the process’ advantages was transparency.

“The auction process is 100 per cent transparent because dummy bidding has been outlawed in WA,” he said.

“It also allows the seller to identify where the cash market is for their home before they deal on the conditional market.”

He said an auction campaign’s success depended on how well the listing agent prepared buyers and sellers in the lead-up to the day and the auctioneer’s skill at negotiating on the auction floor.

“We recently sold 53 Brown Avenue, Dalkeith under the hammer,” Mr Vitale said.

“The bidding paused at $2,050,000 but by conducting negotiations with the bidders live on the floor of the auction, I was able to secure a bid of $2,350,000.”

He said sellers should ensure their property was well presented and not reveal their price expectations to friends or neighbours, to improve their chances of a high sale price. Mr Vitale said.