Bayleys auction advantage
The secret weapon in our vast sales armoury, our award-winning auction team brings experience, knowledge and personality when it comes time for the hammer to fall. Widely regarded as the best in the business, Bayleys’ auction team has been instrumental in the sale of billions of dollars’ worth of property and continues to strive to achieve the best results for our clients in the auction room.
Our professional Auctioneers call auctions right throughout the country, for residential, lifestyle, rural, and commercial properties. This gives them a superb helicopter view of the New Zealand market as a whole. Each auction is unique, but their breadth of experience means they have encountered every type of situation you can imagine, thus they can best navigate the live circumstances to achieve the best result.
Our auctioneers are committed to be involved in the entire process, as the touch points throughout the campaign between the agent and the auctioneer are often the foundation upon which success is built. Auction day is the day we all work toward, but there is a lot of work that needs to go on behind the scenes to make it a successful one.
FAQs
Answers to commonly asked questions about auctions.
What is a real estate auction?
An auction is an open and transparent process where buyers bid against each other to purchase a property. Once the reserve price is reached, the highest bidder becomes the successful buyer.
What is the reserve price?
The reserve price is set by the vendor and is usually the lowest price they are willing to accept. It is confidential and remains so throughout the auction. Once the property reaches its reserve price it will be declared as ‘on the market for sale’.
Registering your interest
Buyers should register their interest with the Bayleys representative and ask to be informed if another buyer makes an offer before the auction date.
Can I sell before the auction takes place?
Yes, but there are a few considerations. Bayleys follows a protocol for pre-auction sales to ensure everyone involved is safe and informed. When an offer is made before auction day:
- The property must have specified ‘unless not sold prior’ on all marketing material
- The pre-auction offer must be completed on the prescribed auction documents
- The buyer must be cash unconditional
- The written offer will be presented to you the seller for approval
If you approve the offer, the auction date will be brought forward and all interested parties will be invited to participate at the new date and time. At the auction, the opening bid (the existing offer amount) will be the starting point for bidding.
Can people bid virtually or over the phone?
Bayleys now streams all of their auctions online which are open for anyone to view. Registered bidders who are unable to physically be in the auction room can watch the auction online whilst conveying their bids over the phone to a Bayleys representative who is in the auction room, but you cannot submit your bids ‘virtually’ by yourself.
What if a property doesn't sell under the hammer?
If the reserve price is not reached, the Auctioneer will indicate clearly if the property will be ‘passed in’ for immediate negotiation with all interested buyers.