REIQ Outlook

Article excerpt

ACCORDING to the REIQ, using auctions as a sales method can generate exposure, achieve maximum marketing impact and can be one of the best ways to establish the market price for a property.

From a seller's viewpoint, the auction process begins when the seller signs an appointment with an agency giving it permission to take the property to auction.

Before signing an appointment, sellers agree on the marketing program and budget with the agent, which is the key to attracting a wide range of interested potential buyers.

The first key period prior to the auction is when the marketing program is put into effect, advertising begins, and inspections or open house days take place.

The REIQ recommends sellers discuss with their agent the best number of open homes and optimum time of day to present the property.

During this period, the agent will also prepare the Contract of Sale for the information of prospective buyers and for display on auction day.

aThe REIQ's standard residential contracts are approved by the Queensland Law Society, are proven documents and, being written in plain English, give sellers peace of mind knowing that buyers will bid with confidence about the standard terms,a REIQ managing director Dan Molloy said.

Next is the auction day itself. …