We are considering Auctioning compared to standard sale.
Originally our agent had us listed for an Online Auction but the company has been having some delays with search engine on site.Now the interest rates have increased we are struggling more now and feel auction could be the quickest way out.
Any feed back ?maybe quicker but perhaps not in your best interest price wise ….. have a read of http://www.jenman.com.au/BS_S_Auctions.php
Sadly you cannot believe a word Neil Jenman has to say, he tends to spend more time knocking peoples systems to promote himself.
15th February 2008
Jenman was ordered to pay $ 20,000 to Victor Ollis for making false statements about the nature of Ollis’s business with costs of the legal battle to be decided at a later date.The judgment runs to 35 pages but we are happy to reprint the paragraph that shows the damages that Jenman must pay below.
130. Taking into account the lack of justification as to four imputations in the States and Territories other than New South Wales, the postition in New south Wales (having regard to the contextural imputations) and poor reputation of the plaintiff I assess the plaintiff's damages as $20,000. This is primarily because of imputation (g) (arranging for criminals to visit his critics) and to a lesser extent imputation (d) (forcing some tenants to live in atrocious condition).
Anyway this ruling sends out a clear message that Neil Jenman the founder of the Jenman system, makes accusations that in a court of law have found not to be true. Anyone thinking about using a Jenman agent should bear this in mind
Real estate agents launch defamation action against Google
talk about throwing the baby out with the bathwater
he takes risks to bring people like Ollis into public view, the complete judgment makes interesting reading and you can choose to focus on the 5% you chose to cite or the other 95% re-affirming the position he took. Sadly he is not perfect , but to say you cant believe a word he says based on that court case is patently ridiculous. The fundamentals of what is there re auctions stand on its own merits. Back to your question if you are actually seeking opinions……. I never sell at auction (put simply, for me its an expensive dice roll for a 50% – ish chance of selling a lower price) but I have bought at auction opportunistically.
Interesting reading exactly on many issues ..lol
Lazy journalists for years have taken Jenman at face value, a source of easy stories for them and something that Jenman relies on to help him promote himself which essentially allows him to sell more franchises and books.
It seems strange that all the great real estate entrepreneurs of the world not one of them has a website proclaiming their greatness and one that rubbishes any business that they fail to understand. Is Neil Jenman that special?My question was about auctions not about Neil Jenmans word. I have sold a number of houses and purchased at auction myself I was just considering if the time was right.?
But after reading this : " INTEREST rate hikes have bitten the property market around the country, with weekend auction clearance rates continuing to weaken." http://www.news.com.au/business/money/story/0,25479,23458144-5013951,00.htmlI'm starting to think it's not the time to auction.
As for 50% chance of selling at lower price that is upto the individual if they are going to go below their reserve.
I have sold $50k past my reserved price then another time 20k past with one passing in under reserve to later find my reserve was to high in the first place and I should have taken the auction offer.
Auctions are not for every property but a unique property can reward well , or a property with many interested buyers.Auctions can work well in any market but only if the agent is well versed at conducting and marketing an auction campaign.It is easier to say the unique and high interest properties are good for auction but it can also draw attention to an average property in a marketplace where there are many similar listings. It comes down to the agent's skills in dialogue and marketing.
One of the most desirable aspects to auctions at present is the unconditional nature of the contract. I have experienced a few buyers lately who have been looking to purchase for too long and now have a much lower price range due to the recent rate rises. You avoid hassles with the property being tied up under contract while inspections are done and the valuers and bank decide whether it should go through or not. I don't have faith in online auctions as it removes the perceived competition which is crucial in building the emotions which drive buyers to compete and improve the outcome for the vendor.I have heard that Neil Jenman sold his own property by auction.
Interesting that soon after I received my free copy of Jenman's ' Don't sign anything', i received a call from a Jenman agent to see if I was selling my home. I spoke with the guy and he told me that they give Jenman a 30% referral fee for this lead generation.
I studied the Jenman winning in real estate seminars in 93. He taught a lot of what he warns about nowadays.
I also think that he generally means well and there are some unscrupulous characters in the industry who need to be exposed.An Interesting question that is often posed by people considering selling.
Auctions are a usually a method of sale you either love or hate and the answer to your question lies in the market you are selling in at present (eg rising or level). Dont for one moment think that you should auction because you are in a hurry as time on the market should not be an issue – unless the market is slow, as it is usually slow for a reason and an auction will not speed that up in real terms.
There are some alternatives to auctions and this would depend on what state you are selling in.
As well as being a Real Estate Agent, I am also an auctioneer, but I always suggest that the market and particular property should be of consideration and you should always consider the buyers thoughts. I have found that I am conducting far less auctions at present and have an average selling time of under 20 days on the market, based on the past 4 years.
It is always wise, however to ensure that the property has adequate marketing and should include Internet and press advertising and be exposed to the market for a reasonable time (reasonable, in relation to local conditions)
Some now consider residential tender as an alternative, where a time and date are set in place for close of offers and at that stage the highest offer would be considered. It has the advantage of a closed negotiation with terms and conditions my mutual agreement.
Every method of sale has pros and cons and some methods may suit the agent above the seller…theres a revelation. So get all the facts, including current local market information before deciding.
Please let me know if I can help further
My 2c .. I'm a first home buyer and I hate auctions. However good the property is, I'm not interested in auctions. Of'course experienced buyers might buy in auctions but I never will.
he takes risks to bring people like Ollis into public view, the complete judgment makes interesting reading and you can choose to focus on the 5% you chose to cite or the other 95% re-affirming the position he took. Sadly he is not perfect , but to say you cant believe a word he says based on that court case is patently ridiculous. The fundamentals of what is there re auctions stand on its own merits. 
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