How to get the best result at auction

Selling your home through an auction can be a thrilling and rewarding experience, as the heat of the moment can inspire potential buyers to bid significantly more than the market value of your property.

But while there is a great deal of information available for buyers looking to purchase a home at auction, resources regarding how to sell your home in these settings are less common.

With that in mind, we've assembled these tips to help you get the best possible result when selling your home at auction. Keep them in mind as you approach the big day.

Choose your reserve price carefully

One of the biggest decisions you will make as you near auction day is your reserve price - the minimum amount at which you will be willing to sell your property.

Make sure to talk with a professional before setting your reserve, as a price that is too high will likely discourage buyers, while a low reserve price might result in your property going for lower than it's worth.

Don't feel the need to rush your final reserve price decision. Take your time and study the market and your own property carefully before drawing a final conclusion.

Play fair

You might be tempted to manipulate the results of the auction somehow, by planting a friend or family member in the audience who can bid on your property as necessary.

However, this practice of 'dummy bidding' is illegal in NSW under the Property, Stock and Business Agents Act 2002, so if you are selling Balmain real estate, it is much better to play fair and allow the auction to run its natural course.

Choose the right auctioneer

Auctions are often fast and furious affairs, and the final result can hang significantly on your auctioneer. Therefore, you will want to take the time to find the best professional for your needs.

Seek first hand references if possible and make sure to do your research. Talk to a few different auctioneers if possible and inquire about their track records and potential strategies for selling your property.

Look at your auctioneer as an investment. Don't merely opt for the individual who charges the lowest commission. Instead, be willing to pay a little bit more for a professional who will do the best job possible.