Selling by auction
Auction is one of the ways to sell a home in Auckland. Here is how it works, and how we help you decide whether it suits yours.
At an auction, interested buyers bid openly on the day. If bidding reaches the seller's reserve price, the property sells to the highest bidder. A reserve price is the minimum price the seller will accept, and it is agreed between you and your agent before the auction.
Auction is only one method of sale. We will talk you through auction, tender, deadline sale and set price, and recommend the approach that fits your property and the current market, based on recent local sales.
How we help
- Appraisal and a recommendation on the method of sale, with the recent sales we are basing it on
- A marketing campaign that runs up to the auction day
- Open homes and regular buyer feedback, so you can review your reserve with us as the campaign runs
- Auction-day conduct, and negotiation if the property is passed in
- Explanations in English, Punjabi, Hindi, Mandarin, Urdu or Arabic
Get legal advice. This page is general information only and is not legal, tax or financial advice. Your lawyer, and where relevant your accountant or bank, can advise on your own situation before you sign anything.
Things to think about
General guidance only. For advice on your property, speak to your lawyer.
Preparation
Auction day is a fixed date, so photography, preparation and your legal paperwork need to be ready before the campaign starts.
Buyers do their checks first
Auction sales are normally unconditional, so buyers do their due diligence before bidding. Having your title, consents and code compliance certificates ready helps them do that.
Your reserve
Your reserve price is your decision. We will show you the comparable sales and buyer feedback so you can set and review it.
If it does not sell
A property that does not meet its reserve can still be negotiated with interested buyers afterwards. We will talk through the options with you.
Questions
What is a reserve price?
It is the minimum price the seller is prepared to accept at auction. It is agreed with your agent before the auction.
Is auction right for every home?
No. Whether auction suits a property depends on the home and the market. We will explain the options and give you a recommendation.
Do I need a lawyer?
Yes. Your lawyer should review the auction conditions and sale documents with you before the auction.
Thinking of selling in Auckland?
Get a free, no-obligation appraisal from Tejinder and the team, in English, Punjabi, Hindi, Mandarin, Urdu or Arabic.