The Elephant in the Room Property Podcast | Australian real estate
The Elephant In The Room Property Podcast with Veronica Morgan & Chris Bates

Episodes

Episode 8 | How do skilled auctioneers get your last dollar? | David Scholes, AuctionWORKS

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Bidding on-site, in-rooms or online: which way makes buyers pay more?

David Scholes has conducted some 40,000 auctions over his career and candidly shares with us many examples of buyers pushing themselves beyond their limits, the auctioneer’s role in getting them to do this and the extreme times when he actually stops mid-auction because a bidder is over extended!

Other insights include:

  • The seven stages of an auction and which one is the most important.

  • His frustrations with sales agents.

  • How smart agents will handle a situation when only one bidder is registered.

  • The impact of momentum on the sales price.

  • How a pedantic auctioneer could cost the vendor money.

  • Why the reserve price isn’t important.

  • The different ways buyers can respond to the pressure of an auction and which ones annoy auctioneers.

  • How he lures reluctant bidders.

  • What experienced bidders do to control an auction.

  • The real reason auction clearance rates drop in a transitional market.

  • The psychology of online property auctions and whether they will replace on-site/in-rooms auctions.

  • Are there differences auctioning in Brisbane, Melbourne, Canberra & Sydney?

Experience counts: David’s observations on the past 5 Sydney property cycles will enlighten you.

Links:

AuctionWORKS videos
Auctionworks Tutorial - Contracts
AuctionworksONLINE - The Process

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Veronica Morgan