This auction in Mornington is quite typical of the current market. Lots of ‘pass-ins’ with active negotiation immediately afterwards, so it is important to handle these auctions appropriately.

It is vital to ensure that both vendors AND buyers have been educated in this market of compromise. Vendors need to understand what the potential outcomes are, and the pace has definitely relaxed. Buyers NEED to understand that being reasonable in negotiation can be way more beneficial than playing hard ball.

The Auction Story

This was a really tidy 2-bedroom, 1 bathroom unit in an outstanding position. 1km from the beach, direct gated access to Mornington Village Shopping Centre, ideal for downsizers.

Speaking to the vendor beforehand, it was clear that they had faith in the agent. A deceased estate, the motivation was there, however with multiple parties involved they didn’t want to give it away.

Check out the property in full here.

The Analysis

Building rapport through the auction can help if you have to negotiate afterwards.

If you watch this clip, you’ll see that if you blend #pressure with #humility your probability of success increases, particularly in a buyer market with older demographics.

Pro-tip- Analyse your audience before you begin. Ideally in the OFI beforehand, connect and communicate with as many buyers as possible. This will give you a much better feel for the kind of auction you need to bring.

After passing in positively, prepping the buyer for an increase in offer prior to closing the auction, the ‘fun’ that I had with the highest bidder (who was the first bidder) during the auction lead to a much warmer conversation afterwards.

The Result

An increase of $25k post-auction and a happy vendor who sold for $870,000.

Will this work everywhere? Nope! But if you scope your audience before you get going you should be able to work out which ‘auction mode’ you need to be in.

Great work from Jayme Wallison in prepping the vendor for all outcomes, so important in this market.

Want to see more? Head to our You Tube channel!

If you would like more help with your communication prior to auction day, get in touch to organise a visit by one of our auctioneers.