,

Worst Auction Ever?

I went to an auction SO bad last night I almost feel like naming and shaming the big name franchise agent / auctioneer.

First they did it “in rooms” not on site – this is a fully renovated house with glorious harbour views – why remove bidders from that?

It was the only auction that night so no crowd, no buzz, no drama.

Agent told us reserve was around $6m – ok bit high, but not off the charts.

Live bid of $5m offered – auctioneer refused to accept it.

And it’s not like that was a ridiculous number – the house previously sold for $4.6 only a few years ago.

Live bid from a 2nd bidder offered of $5.25m – refused.

3rd bidder offers $5.3 million – yup, refused and not even graciously or with good humour.

So there’s 3 live bidders and a rude auctioneer who won’t accept a single bid – moron.

Seeks instructions. Lots of running around by rabid agents.

10 long minutes later after any whiff of heat has dissipated auctioneer re opens with a $5.5m vendors bid – oh, so you don’t think you could have gotten from $5.3 to $5.5 with three live bidders???

No action – surprise, surprise, so he calls it and passes it in to his own bid!

How NOT to conduct an auction.

Scratch that agent off my list!!!

I think the point here is, like most professions there are good ones and there are bad ones.

A good real estate agent can add tens of, if not hundreds of thousands of dollars worth of value to the sales process by using their contacts, their skill, the sales ability and their know how.

And on the day a good auctioneer can whip the crowd into a buying frenzy that sees any reserve disappear into the rear view mirror.

OR…

You could have the debacle which was the auction I describe above.

Have you had any horrible experiences with auctions?  Share below…

 

 

Profit From the New Property Boom

Find out about Peter Spann’s exciting new On-Line Property Investing Course Property Pay Day:

http://www.propertypayday.com.au/property-pay-day-2/

original-logos-2014-Jan-6759-713028

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Written by Peter Spann

Peter Spann – Film Maker | Director | Business Coach | Writer | Public Speaking Coach | Presenter | Investor.

Click Here  to learn about my business services.

© Copyright: 2014 Peter Spann – All rights reserved

© Copyright 2014 Peter Spann All Rights Reserved

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *