The word “auction” derives from the Latin word “augere” which means to “to increase”. Dating back to the days of the Roman Empire, auction is one of the oldest methods of selling. To this day, it is still the most advanced method of marketing real estate.

An auction is an open process at which buyers bid against each other to purchase a property. Once the reserve price is reached, the highest bidder becomes the successful buyer.

It creates buyer competition by putting buyer against buyer and provides an open and fair arena for competition on the auction day.
Auction provides a structure to the listing process, and is regarded as the premium choice of marketing. Should an auction listing not sell during the auction programme, you will have increased your chances to sell the property as an exclusive (price by negotiation or fixed price) due to the enquiry and buyer activity generated.

The very best means of achieving the premium or fair market value for a property within a time frame is definitely an auction. The deadline for the sale creates a sense of urgency among the buyers and the sales consultants alike.