A notable increase in auction numbers and open-home attendance in many regions is a sign there is life in the market as we head into summer and the end of the year.
Using smartly targeted digital ad campaigns like #ListingLogic's can be a powerful tool in driving potential buyers to both open homes and auctions, boosting competition and generating good sales results.
Higher attendance at your open homes and auctions also helps you grow your custom audience for remarketing and lead generations.
Market moves
In New Zealand, there were 316 residential auctions in the third week of November, up from 240 the previous week, which was up from an average of less than 200 previously. 36% of those auctions resulted in sales, which was also an increase on previous weeks.
The Australian market has also been seeing a rise in auction numbers and clearance rates with reports of a seven-month high to about 60% clearance at auction for the combined state capitals.
Though vendors have often preferred other methods of sale in a quieter, buyer-friendly market, the numbers demonstrate that auctions are still a popular and effective method of sale.
The benefits of auction for your vendors are that they can spend the time getting their house in tip-top shape pre-auction, and, with more than one bidder, they can be reasonably confident they are getting an accurate read on what the market will pay for their property. For buyers, the auction process is transparent and fast.
The key to a successful auction campaign in current market conditions is obviously to attract as many potential bidders as possible to create competition and drive up bids. When you’re preparing your listings for auction campaigns think about driving up interest in open homes and the auction itself.
Once your audience has clicked on your listing ad, create remarketing campaigns that let them know key open home dates, and then the auction dates. You’re making sure those potential buyers who have viewed your listing are kept up to date with how and when to view the property and you’re building a sense of anticipation around the auction.
Engagement with your campaigns gives you and your vendors a clear view of how much interest there is in the property - and how many bidders there could be at the auction. You are also continually growing your custom target audience for other campaigns.
Prepare your vendors
One difference in running an auction campaign in a market that suits buyers, is that you may be less likely to get pre-auction offers as there’s less immediate pressure to buy.
With that in mind, it’s a good idea to prepare your vendors for marketing campaigns that run right up to auction day, to encourage as many potential bidders as possible to attend the auction.
Having the transparency of real-time results for your digital marketing that your vendors can access, can be helpful in keeping them on message and confident as you head into auction.
Get ahead of the competition and get your listings in front of the right audience, at the right platform, and at the right time. Get in touch with our expert team at sales@listinglogic.com to start your listing campaign.