Bidding

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The biggest dread among vendors going to auction is that their property will be passed in on auction day.
With auction clearance rates now in the 50 percent range, and even lower in some suburbs, this is a very real likelihood.
Selling at a fair market value - or better - is often dependent on the extent of buyer numbers and enthusiasm.
One bidder auctions have become far more prevalent, as vendors lose their grip on being able to secure above reserve outcomes at their auctions across Sydney every Saturday.
There's a special negotiating skill needed for the listing agent to immediately secure a sale in such onsite circumstances.
Ofcourse the agent can knock heads together during the auction, but that will take a bit of give and take from both vendor and buyer.
Vendors certainly need to anticipate this possibility.
But should vendors accept the price drop on offer from the only buyer at the auction or are they best holding off selling until later Saturday afternoon or sometime in the next week.
It all depends on the level of actual and perceived buyer interest, starting from the number of contracts that have been issued in the run up to the auction.
Agents need to follow all their potential buyers closely, and keep their vendors in the loop.
An emerging factor has been that bank finance approvals are slower and harder to get, and many buyers are finding just days before the auction that they need to lodge more information before safely securing finance.
They necessarily sit out the auction. 
This has come about as the financial regulators and the royal commission have frightened the banks so that they are dotting all the i's and crossing every t.
Coming together for post-auction negotiations is a skill that some agents need if their vendors aren't going to sell for far less than they wish.
The biggest myth about properties that sell after auction is that they go on to sell for a poor price.
That is not the case, veteran estate agent John McGrath recently noted given that fresh buyers are coming into the market every week.
The recent clearance rate downturn has likely undermined the benefits many see in a sale by auction which typically come with the potential for a premium sale price.
Unmotivated sellers rarely auction their properties.
Stuart Benson at Benson Auctions noted at a recent realestate.com.au auctioneers' round table that his clearance rate in north west Sydney was down by 15 percent, but after six weeks on the market the sales sat around 90 percent.
Following any post auction campaign that doesn't end in a sale, it is important vendors respond to the issues that possibly caused it.
Best relook at price, presentation and/or marketing), and there is no reason to think it property won’t sell.
This article was first published in the Daily Telegraph.
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One bidder auctions need special estate agent negotiating skills 

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A new property portal listing Australian developments that have approved planning permits for residential, commercial and industrial properties has launched with the support of leading Australian real estate firms and the guidance of property expert Dean Giannarelli.   
Permitready.com.au is the first property tech start-up for 26 year old Nick Materia.
With a background in property and construction as project manager at Neo Construct, Nick identified the space for need for a specialist portal that listed sites with approved permits in Australia.   
Permitready’s aims to capture 50% of the Victorian permit approved market by the end of 2015, with plans to launch in the New South Wales, Queensland and Western Australian in the first quarter of 2016.   
Currently there are nearly 200 permit approved properties listed on Permitready with a combined in excess value of half a billion dollars. 
Properties vary from dual occupancies in Bentleigh to towers in Southbank.   
Agencies to list on permitready include: Savills, Knight Frank, Gross Wardell, Burgess Rawson, Morley Commercial, Axis Property, Crabtrees, ICR Property Group, Cameron Industrial, Hocking Stuart, Hodges, Ray White, Barry Plant, Biggin &amp; Scott, Caine Real Estate, and many more.       
“It’s exciting the interest permitready is receiving from agents, buyers and investors. It’s a next-generation selling and buying tool, which is essential for unique and highly sought after sites,” says Nick.  
Supporting the launch of permitready.com.au on an advisory basis is leading international property group, Southern Capital Corporation. SCC hold a substantial pipeline of domestic and global projects. Nick acknowledges “the vast knowledge and business acumen of SCC’s director, Dean Giannarelli has been instrumental throughout the launch of Permitready."
The expectation for Permitready is for the platform to be used in conjunction with traditional marketing portals and engagement strategies in order to generate the greatest pool of buyers for their properties.  
<a href="https://www.permitready.com.au" target="_blank">Permitready.com.au</a> is based in the Melbourne headquarters of Southern Capital Corporation in Lonsdale Street CBD.  
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