How long should an agent start advertising before auction?

I am curious in Melbourne is their a recommended time for agents to have the property listed and advertised before the auction to get the best result? For normal (O&A) property sales if a property is on the market to long it can go stale but is this the case with auctions (unless it gets passed in perhaps?)? Is one best to advertise for as long as possible or not even put the property out their at all until x weeks before auction then run an intense campaign?

Cheers

Smallbuyer

 

3 weeks is common with the good agents. Long enough for people to know about it, short enough for the iron to still be hot

 

Yes 3-4 weeks is the norm, up to 6 weeks sometimes if offers prior to auction are expected to sell it.

 

perhaps this should have been in the buying and selling process ?

 

thanks for the quick responses. If the place has development potential is the adverting likely to be longer so people can do their due diligence?

 

Quite possibly. Larger development sites tend to go to tender vs auction, but smaller sites as well as combined sales may go on a 8 week or more auction campaign to allow for survey and concept/planning discussions to go on. Many vendors in this space will already have concept designs and surveys done before listing so developers can see what may be possible.

 

thanks for that info. do people think agents should usually push this type of longer campaign for smaller (but pricey 1-2m) development sites? Any idea on how much the difference would be for the sale price between running this longer campaign and a 3-4 week one?

cheers

 

In Heidelberg Heights, development potential blocks have 3-4 week marketing campaigns and an end sale value of $600k to $1 million +

Even sites over a million like this one typically only have a 4 week campaign.

Sold Price for 54 Lloyd Street Heidelberg Heights Vic 3081

 

Like others have written typically 4 weeks would be a usual campaign for a residential block with a house being subdived for a couple of units.

If it was a 1000 hectare property then it would likely go through the tender process.

As you haven't given much information you are receiving vague information.

 

Hello,

block about 1000m2 i think maybe 6 units, price about 1-2m

 

I would say that marketing would still be 4 weeks.