Auctioneering

In this Section

Why Auction?

Auction. A simple process?

For most, the notion of Auctioning a property is simple: present a property to the market on a given date, accept bids in varying ascending increments until the bidding stops and the person with the highest bid is deemed to have bought the property.
Not quite.

Types of Auctions

There are many types of Auctions which can include: Vickrey auctions; Open Ascending-bid auctions (English auctions); and Open Descending-bid auctions (Dutch auctions). Property Auctions are usually the English Auction system of Open Ascending-bids. There is often a fear factor when it comes to auctions and if you were under the impression there is a complex strategy involved, you are right.

Winning Formulas

Much theoretical research has been published to address the behaviour of auction bidders in an attempt to identify winning formulas and patterns of bidding.
 
Our Chase Man has brought one "to the board" which we hope you will find as entertaining as we did. One factor that is noteworthy: for the most part the theoretical models assume that the information two bidders have, is identical. This of course is almost impossible in a property market where competing agents will highlight as an example, comparative sales of dissimilar property to raise the buyers bid price (P in this model).  

Why Chase Auctions?

At Chase, our Auction clearance rates are consistently 50% higher than the state average as indicated on the graph. Our Bi-annual Platinum Campaign continues to defy the statistics even in the economic downturn and during fiscal tightening. 

 

The reason?

Not only do we partner with our vendors in selecting a property most suitable to present at Auction, we have complete control of the entire process. We do not engage external Auctioneers who have no knowledge of the property they are offering but we have complete understanding of not only the property itself, the potential bidders, and the motivation for sale. All our auctions run as a campaign where we employ tried and tested winning market formulas to get results.

Finally, our auctions are conducted by Managing Director and Licensed Auctioneer Rod Brown, who has been successfully selling properties under the hammer for 15 years. There is no complicated formula to ensure a successful auction at Chase, but a well planned campaign and strategy overseen by an experienced and professional auction team is what we call the Chase winning formula.



Man