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Loan Market and Ray White’s Bendigo franchises have teamed up to educate vendors and buyers on the benefits of auctions using an inventive strategy.
The two businesses have started holding seasonal in-room auctions – something that both groups claim has never been done before in central Victoria – with the aim to make them a bi-monthly event as auctions become more popular within the Bendigo community.
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Loan Market Bendigo franchisee Trev Shand said it is his responsibility as a mortgage broker to make sure that all buyers have the right pre-approval before going into an auction, as well as assisting sellers in moving forward.
“You’d be surprised how many vendors get stuck post-auction because they haven’t looked at their future from every angle, and that’s what we can help with,” he said.
“There are a lot of unknowns in auctions which is why both buyers and sellers need to be prepared. Our job – as we work with Ray White – is to educate every person and eliminate risk.”
Ray White Bendigo sales partner Brett Thompson said Bendigo is not considered an auction town, and there is healthy scepticism around the auction process with both buyers and sellers.
“As we introduce regular auction events into our business, we have a responsibility to educate our vendors on how auctions work. So far, most of our clients like the idea. And I think we’re beginning to quash the misconception that vendors have no control of the auction process,” he said.
“For our buyers, it’s about letting them know the auction process doesn’t discriminate. It allows the market to decide what a property is worth and therefore opens up more opportunities to people at all levels in the marketplace.”
[Related: Loan Market Qld doubles volumes via agent referrals]
