_{1.52 – Dave kicks off the episode}

_{4.35 – Mike brings some of his data to the table to isolate the epicentre of underquoting nationally. But how reliable is the data set?}

_{9.15 – Why to agents underquote?}

_{18.47 – How sophisticated are agent’s CRM’s when it comes to tracking what the buyers are up to?}

_{22.06 – Next week’s teaser: Auction campaigns from the agent’s viewpoint, Part 2: Approaching auction day}

_{26.20 – What is a suitable selection approach that vendors should adopt when selecting an agent to sell their property?}

_{31.17 – What does the campaign calendar and auction plan look like?}

_{41.38 – Gold Nuggets}

We often talk about property acquisition experiences from the buyer’s perspective. We have spoken a lot on the show over the years from Cate’s perspective as a buyer’s agent. But this episode is a little bit different. The Trio have delved into the auction campaign process from an agent’s perspective to share behind the curtain for our listeners. We often find that when we step into another person’s shoes, we get an appreciation of the situation from their side. This episode is all about demystifying some of the agent-speak when it comes to auctions, but it’s also about educating our listeners to be able to get a better appreciation of the twists and turns auctions can deliver.

What are the key differences between an auction campaign and private sales campaigns?

The conversation quickly arrives at underquoting, and Cate distils the limitations to the transparency of the campaign, and the Trio chat about the variability of auction results. Cate also touches on the power of social proof, and also the situations when underquoting backfires on agents. The Trio canvas the challenges that agents and vendors face when competing campaigns are quoting lower estimated auction price ranges.

“Appraising a property is a combination of art and science”

Dave delves into the challenges that a real estate professional, (and even a valuer) faces when appraising or valuing a property.

Cate chats about the skill of the agent to manage good dialogue with their buyers, but she also sheds light on the usefulness of CRM’s. What are some of the hallmarks that buyers exhibit that agents take note of? Tune in to find out.

Mike reminds buyers to channel their disinterested-teenager vibes!

What steps could an agent take if they sense that they have limited buyer interest on an auction campaign?

And what does it mean when an auction quote range changes? Cate shares her industry insights and explains some of the pivots that agents sometimes initiate during a campaign.

The Trio chat about the best way for vendors to approach agent selection when selecting a property. Those who promise the world aren’t necessarily the best agents to go with. Due diligence is critical and a science-based approach from the agent at the commencement should be obvious.

Dave delves into the planning and the campaign calendar that agents present to their vendors. From photos to styling, advertising to open for inspections… there are a lot of important steps that agents manage.

And why do agents resist pre-auction offers from some buyers, but allow others to trigger a pre-auction sale with a sharper offer? There is a reason why this sometimes happens…

…. and our gold nuggets!

Mike Mortlock’s gold nugget: Mike chats about the benefits of buyer’s agents and the skills and services they bring to the table.

Cate Bakos’s gold nugget: Agents deal with different vendor personalities all the time. It’s OK to ask for a bit of background about hte vendor if you are wanting to understand more about what the agent is dealing with behind the scenes.

Resources:

Insider Secrets to Navigating Real Estate Auctions in Australia

Defining effective auction bidding?

https://www.apimagazine.com.au/news/article/hammering-misconceptions-auction-success-a-mix-of-style-and-substance

If you’ve enjoyed this show, you may enjoy these episodes:

• #20 – Bidding Tactics 101
• #29 – Congenial negotiation tactics and how to apply them in the right situation
• #73 – Preparing for Auction: Part 1 – Appraising, budget setting, due diligence, reserves, low-ball offers & auction twists
• #77 – Understanding the real estate agent behaviours that buyers don’t like
• #98 – Preparing for Auction: Part 2 – Cooling off period, finance approval, negotiating terms and auction quote ranges
• #117 – Understanding the real estate agent behaviours that buyers don’t like – Part 2
• #133 – Purchasing Laws in Each State: Part 2 – The problems with underquoting and how to solve it