Leading Australian auctioneer and founder of SoldOnline, David Scholes, is urging Australians that may need to sell their properties in the short term – due to job loss or change of financial circumstances, to not hesitate in putting their property for sale.
“If you’re in a situation where you are going to have to sell in the next 12-18 months, you need to sell now.
“That’s the advice I am giving my family and friends because right now, the market is strong and we’re still achieving pre-COVID sales results. Some of the agents we’re working with, such as Simon Pilcher of Pilcher Residential, are reporting their best sales results to date.
“I doubt the market will retain that strength over the next 18 months, so if you are going to sell – you may as well cash out at the top of the market – which is right now,” he said.
Scholes added that to achieve your asking price, or break through reserve in the current market conditions, it is crucial to make sure you engage an agent who can embrace the dynamic platform of virtual online auctions.
“The current Australian market, with limited supply of properties on offer, has, so far, delivered strong and impressive sales results, as clearly seen with a suite of properties sold via virtual online auctions on the SoldOnline platform.”
“SoldOnline has played a pivotal role in the successful sale of a number of metro and regional properties, and in some instances, well over the reserve.
Scholes said experience has shown him that not all agents are equal. He cautioned vendors to handpick an agent who is utilising the latest technologies available (such as virtual online auctions) to bypass Covid-19 restrictions and reach the masses, including expats that want to come home.
“SoldOnline was recently behind the successful sale of a 930.5-acre property in Jimbour East, Queensland, which sold for $4,705,000, a massive $425,000 over reserve.
“We’re even hearing of buyers purchasing online sight unseen – and that’s the beauty of selling online – we can reach those markets,” he said.
Scholes added that even though winter is traditionally not seen as a selling season, SoldOnline is confident that this year, in the immediate recovery of COVID-19, it will yield stronger results than waiting for Spring.
“2020 Spring won’t be like prior years and frighteningly, I have seen a number of nervous agents holding back in listing properties as they are fearful of operating in this market – not because auctions aren’t delivering results but simply because they don’t understand the technology that enables them to sell successfully when the market is more favourable.
Scholes said vendors should ask their real estate agent two simple questions, and neither has to do with how much a property is worth.
“We often see vendors choosing agents who give them the highest listing price, and lowest commission – but that’s always been a huge mistake in my opinion.
According to Scholes, vendors need to ask ‘What tools will you use to ensure I get a premium price and how is the agent going to qualify quality leads?’
“Having the right leads look at the property is more important than anything else and having an agent that knows how to get a premium price, is the key.
As for the return of onsite auctions, Scholes said people will value their health and safety more than ever – and warned that consumer behaviours will be affected for a long time.
“I don’t think we are going to see a huge influx suddenly attending onsite auctions when restrictions are eased. People are more aware than ever of their health, and mass gatherings won’t be an option so online auctions will continue to tick all the boxes for agent, vendor and buyer in getting the most volume of qualified leads to a sales event,” he said.