With the spring selling season soon to heat up, vendors are asking an age-old auction question. How will I put my home under the hammer – in-room or on site?
We’ve crunched the numbers to spell out what works and when.
“The in-room numbers aren’t lying. The clearance rate for in-room auctions has been higher than it has for on site. Our point is, you don’t have to sell your house on site, you can auction the property in a room environment which is conducive for great results,” says Damien Cooley.
During June, both weekly and for the month as a whole, our company clearance rate has been significantly higher for in-room auctions. Out of 479 residential and commercial auctions in June, the clearance rate hit 71 per cent for in-rooms, as opposed to 69 per cent for auctions performed at individual properties.
In fact, for the week ending June 25, in-room auctions had a whopping 80 per cent clearance rate while those undertaken at the address sold at a significantly lower rate of 67 per cent.
However, this June was a definite shift in numbers since the same time this year. In June 2016 the in-room clearance rate sat at 70 per cent while the on site result was slightly higher at 74 per cent.
Unsurprisingly, the figures show that Mother Nature just might be one of the big players when it comes to an auction’s success on-site.
During the warmer months earlier in the year, clearance rates looked quite different. Our on site auctions in February had an 82 per cent success rate compared with 76 per cent in rooms. In March, however, the score was even with both in-room and on site auctions showing a 77 per cent clearance rate.
“In rooms you don’t have the effect of weather because you’re in a professional environment, you get the auctioneer you choose and you don’t have to compete with Saturday traffic, or kids’ sport. Lots of people are consumed with other things like family time on the weekend,” Damien says.
“At the end of the day, you can control the environment when the auction is conducted in rooms. It’s very hard to be in control when you’re on site, for example you might be on a really busy road with noisey traffic or it might be difficult to get a park” he adds.
If you have an upcoming auctions to book, head here to check out our four superior in-room auction venues and give us a call to book now!