Our in-room auction events are held in the boardroom of our office at 2-4 New Street, Nerang.
Our room is fully air conditioned with state-of-the-art AV, plenty of seating and refreshments available.
We aim to make buying or selling your property a releaxed and fun atmosphere, with plenty of staff on hand to help you at every step.
WHAT TO EXPECT ON THE NIGHT
If you are purchasing, you will need to register to bid as per Queensland Legislation.
Please make sure you bring your photo ID with your current address on it, for example your drivers license. If there will be more than 1 persona's name on the contract, each person will need to show their ID.
If the other parties aren't availalbe to be at the auction on the night, speak to your agent about an "Authority to bid on behalf of another person" form.
If you are bidding on behalf of a company or trust, you will need the appropriate paperwork to say that you have the authority to bid on behalf of the company or trust.
Once you have registered, you will be given a card with a number on it. When you place a bid, make sure to raise this card so that the auctioneer can see it.
Conditions of auction will be displayed in the auction room and displayed on the screens. The auctioneer will also run through these conditions. If you have any questions about these conditions, feel free to ask the auctioneer or our friendly sales team.
Before each property is open for bidding, the auctioneer will go through the contract of the property (the contracts will also be on display on the night).
Some points will include:
- Depost amount
- Settlement term
- Neighbourhood disputes (if any)
The auctioneer will then open the property to bidding.
It may be daunting when this happens! Making the first bid can be nerve wracking, but it breaks the ice.
If no one on the floor makes an opening bid, the auctioneer may place a bid on behalf of the seller to get things rolling.
Once the reserve price is reached during bidding (or no reserve price is set), the property will be ‘on the market’. The auctioneer does not have to announce when a property is on the market, but they are allowed to do so if they wish. If an announcement is made, it must be truthful.
Once a property is on the market, it means the auction must result in a sale. The winning bidder must purchase the property, and the seller must sell.
If you are the succesful bidder, you will be invited to one of our chat rooms by an agent to start signing the contract.
They will sit with you and explain everything to you at this time, including how to pay the deposit.
You can read more about the auction process on the REIQ website or the Office of Fair Trading website
If you are thinking of selling by auction, feel free to contact us, anytime.