The world is becoming more logical with the ever-increasing amount of information that is available on the internet.
This access to information is making it tough to exceed vendor expectations, especially in a private sale environment.
So how can we push past the logic and achieve fantastic results for vendors? The key lies in how we can add more emotion into the decision-making process.
Anthony explains this brilliantly in the next 60 seconds.
Historically speaking, in a private sale, a price gets set and buyers have a chance to think before they act.
Of course we don’t want to make people do things that they don’t want to do. However we are charged with putting the vendor in the strongest position possible.
Buyers have the clear chance to negotiate vendors down from their ideal price, meaning that vendors have to chase buyers to their level.
With an auction, this scenario is reversed and buyers are negotiated upwards from their original point. Like a race, buyers have to make sure that they cross the line first so in an auction it is up to them to chase the vendor!
As cool and calm as buyers try to be, the fear of loss will test them further than anything else. In a transparent process like an auction, they physically see the keys drifting away from them when they see openly that the property is about to be sold.
Second to that is pride! It is never nice to lose in public, so that alone has seen plenty of auctions exceed expectations.
These kinds of emotions can push buyers through their ‘logical ceiling’ into a range that they would otherwise not go to.
For more information on this or anything relating to auctions, contact us here.
Want to learn more about the Sold By Group? Head to our website!