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Selling at auction is a success for riverside home

By The Lodge Real Estate Team on 2019-07-18

Case study infographicWhen Richard Lindsay appraised 469 River Road he analysed recent sales in the area, as well as the sweeping views of the Waikato river, size and condition of the home. He estimated the property would sell between $1.2 million and $1.3 million. This seemed like fair market value to the owner, who agreed to sell at auction.

Richard explained to his vendor the importance of a strong marketing programme to attract as many groups as possible through open homes, and more importantly into the auction room on the day. Choosing to spend marketing budget across a range of media, $3,600 in total was spent on internet and social media advertising as well as adverts in the Waikato Times, signage and property booklets.

By the end of the marketing campaign, adverts for the property had been seen 98,584 times across the internet.

Thinking of selling your home? View our complete home sellers' guide.

In the three weeks leading up to auction 30 groups visited the home. Come auction day, four bidders entered the room with keen interest.

As auctioneer Jeremy O’Rourke started the bidding it was clear that riverside charm was in high demand. With a final bid of $1,375,000 the hammer was bought down and the deal was completed, far surpassing the vendor’s expectations.

“The auction programme is unmatched in maximising the value of a sale. A healthy marketing plan paired with a skilled auctioneer can deliver incredible results, often surprising both the salesperson and the vendor” says Richard. “At Lodge we spend time devising marketing plans which change with the times, and we’re lucky to have the sharpest auctioneers in the city”.

Read up on selling your property at auction here.

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