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One of Australia’s largest franchise groups has encouraged Perth agents to sell under the hammer after research found this approach can slash property sale times by almost four weeks.
According to Raine & Horne, the latest research conducted by the Real Estate Institute of Western Australia (REIWA) revealed selling a property at auction has the potential to produce a sale 26 days faster than a private treaty arrangement.
Raine & Horne Auction Services director James Pratt said that with around 15,000 properties listed for sale in Perth, the auction process offers substantial benefits to both agents and vendors.
“Regardless of market conditions, the auction process consistently produces shorter days on the market,” he said.
“We’re finding that with the uncertainty in the WA economy, the sales deadline attached to an auction is encouraging some Perth home buyers to get off the fence and make a decision.
“The auction process is clearly the best way to sell or buy a property and it is exciting times for Perth as the auction process starts to gain more traction.”
General manager of Raine & Horne WA Craig Abbott also stressed the value of agents selling under the hammer, noting that auctions currently represent less than 5 per cent of all residential sales in Perth.
“The adoption of the auction process is so low because many agents in Perth don’t understand this method of selling,” he said.
“It’s a marketing event and it gives vendors three opportunities to sell a property – before, during and after the auction.
“Unfortunately, many agents are dropping the ball in relation to how they market a property going to auction and this is dragging down the overall results. Together with James, who has sold properties under the hammer in Australia and the US, we will be striving to improve the adoption of the auction method of selling.”
[Related: The Hammer Diaries: The psychology of auctions]
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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