Timms explains what days and times Adelaide buyers prefer to go to auction and how Timms makes it a great day for all.
Auctions are hot property topic right now. Clearance rates are hovering around the 90% with plenty of market-leading prices are being achieved.
Buyers and sellers alike are embracing this sale strategy in new ways, with more and more being hosted through the week, rather than the traditional Saturday show.
But when is the best day to host an auction in Adelaide and how can you make the most of it? Here are three things you should know about when and how to host a successful auction.
Consider the psychology of the buyer
While 10 am to 3 pm on Saturdays is traditionally the most popular time for an auction, this timeslot has significant drawbacks, given it is still the day with the highest number of auctions.
Think about how the buyer might be spending their day. It’s not uncommon for a buyer to have two homes they’re looking to bid on in one day.
A morning auction offers a seller first chance to capture the market, while a bidder may not present their highest offer with the other option in the back of their mind. A later auction may inspire a stronger big strategy as bidders have run out of options to buy that day, though it could also lead to less interested buyers at the auction.
“At Timms we’ve found that if you choose a Saturday auction, an early morning strategy often works best, followed by a late afternoon strategy.”
It is better to avoid the middle of the day, where there is heavy competition and buyers can struggle to know which auction to attend.
Weekday auctions are becoming more popular
With technology innovation and a trend toward workplace flexibility, buyers and sellers can more easily incorporate auctions into their working week.
House hunters can slip out on a lunch break or finish their day early to bid on their dream home.
“At Timms we’re seeing Friday afternoons as a popular auction time to secure strong results.”
With less competition from other opens and auctions, all decision makers can usually attend. A Friday auction also gives house hunters that sense of relief they could start their celebrations right away, without a weekend of house hunting.
The most important work is done in the lead up
Regardless of the time of an auction, the work behind the scenes in the lead up is most important.
The Timms team work hard to engage the buyer community around our properties. We provide all the tools and advice to make sure the home is presented beautifully. We have world leading digital marketing to stimulate buyer imagination and emotional attachment to the home.
We also work with our buyers to help them get auction ready and to keep them focussed on the home all the way through to auction day.
If you’re thinking of making a move, learn more by signing up for our newsletter or contact your Timms agent today to discover the best strategy for your home. You’ll love the Timms experience!