What is a Multi-Offer?
Q: I put an offer on a property last week but was told that my offer was rejected in favour of one through another agent. Isn’t there some process to protect the buyer when two offers are received at the same time? Peter T. A: This is what we call a multi-offer and the REINZ recommends a process to be followed in these cases. This process is intended to provide all interested parties with a fair opportunity to submit their best offer. First…
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No buyers at your auction?
Q: Our home goes to auction in another week. We’ve had lots of people through the open homes but our agent is saying that he doesn’t think he has anyone interested. How can this happen – if so many people see the advertising and come to the open home shouldn’t there be at least one buyer? Jodie R. A: Excellent question Jodie! This is not that unusual –, especially in the current market. In past years we would expect one bidder f…
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What's Social Proof?
What's Social Proof? We are often asked about how auctions work, and what makes a good auction so thought we would share the following article that we wrote for another publication: Have you ever wondered about the psychology of auctions? Have you heard of “social proof? If you understand it you can use it to your advantage. If you attend any auction across Auckland there’s a good chance you’ll see the following scenario play out – Auctio…
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Are Auctions Still Working?
With the ‘softening’ of the market we are often asked if auctions are still working. Or actually, people are often saying to us “auctions aren’t working now so we want to sell by negotiation, or with a price.” This is absolutely not true. In our current market, an auction is still THE BEST WAY to sell your property. There are several reasons for this, but let’s start with the facts: In Raywhite, over 70% of properties taken to auction sell,…
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