An auction represents more than just a potential property sale, it’s also a means for savvy agents to grow their profile and build their business.
It’s a notion backed by leading sales agents Lynette Malcolm of Chadwick and William Phillips of BresicWhitney, who were asked for their take on the topic by AuctionWORKS’s Jesse Davidson during a recent REINSW webinar.
For Lynette Malcolm, auctions have been fundamental to the growth of her personal brand.
“When I started at Chadwick it was very much an auction culture.
“In terms of building brand and profile, I don’t think there’s a better way within your marketplace to make yourself known,” says Malcolm.
“With an auction process, you can use it to invite people – particularly those in the area that you’re targeting to try and list their property – to the auction, but also it’s that consistent presence in the marketplace that I think really is one of the key elements to building a brand.”
When asked about the importance and prevalence of auction culture, Malcolm replied:
“It’s probably 80 per cent of my market, and usually the 20 per cent that don’t list have a reason not to do an auction or want to explore expressions of interest.”
It was a view echoed by Phillips who talked about his position within the auction-dominated inner-city market.
“The public showcasing of an auction is really valuable,” says Phillips.
“That display is important, but I think people often don’t take into consideration the importance of the actual execution [of the auction] itself. After 15 years I know that when I want listings or when sellers call, if it’s unprompted and I don’t have a relationship, the conversation usually goes, ‘Well I saw you got a great price for this, that’s why I’ve invited you in’”.
“An agent’s goal should be to get the best possible price, and then the auction is simply a way to leverage that.”
Auction benefits and advantages
- It provides the opportunity to meet and engage with people who are interested in the current state of the market
- It provides a platform to prove your success as an agent
- It is a way to showcase your business
- It helps build rapport with potential sellers and contributes to word of mouth
To learn more about growing profile and building business through auction, watch the full webinar.
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