Omar and Oz's winning auctioneer has weighed in. 👀
“When someone else bids, it’s someone trying to take your house away from you. It’s a strong emotion,” Mr Panos said, adding that the problem was that some sales relied only on this fear.selling rural properties in a market of rising interest rates“Since the market changed nine months ago, I’ve been saying in the real estate industry, you need to stop relying only on the fear of loss to make sales because in this market people are paranoid about overpaying. You need to be doing more.
Mr Panos said the auction for Oz and Omar’s property succeeded because the necessary legwork was done before the auction to attract the most cashed up buyer – in this case, Danny Wallis. “You have to work very closely with buyers. I tell all agents they need to have a pre-auction buyer meeting. Sit down, talk about the property.“With this property, I was involved in the pre-auction buyer meeting. I told the buyers that if you want this you are going to need to make a high bid to scare everyone else away. It set the tone.“What was happening was that these low bids were coming in and many of the agents and auctioneers were getting emotional.
“If there is mild heckling, even if they are disruptive, you can’t be emotional. As an auctioneer, that’s when you make mistakes. It is so hard to find buyers at the moment, you should be grateful.”“One of the keys in an auction is momentum. You don’t want stalls and pauses. You want tension.”
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