Leading mortgage franchise, Loan Market has partnered with a rural real estate agent, Ray White Bendigo to educate buyers and vendors in Bendigo on the benefits of auctions in the local community.
Ray White Bendigo sales partner, Brett Thompson said it is their collective ambition to see auction as the primary sales method in the future.
“Bendigo is not an auction town and there’s a 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.
“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.”
For Loan Market Bendigo business owner, Trev Shand, the partnership with Ray White is about giving local residents more.
“It’s our responsibility as mortgage brokers to make sure that all buyers have the right pre-approval before going into an auction as well as assist 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.
Ray White is currently testing the market through hosting in-room auctions – something that’s never been done before in central Victoria.
“We’re hosting our first auction event on 22 October and have 13 properties going under the hammer. We know the clearance rate won’t be what you see in Melbourne but we’re confident that we’ll see sales on the night as well as fewer days on market for those properties that do pass in, Thompson said.
“We’ll be making these in-room auctions a regular event at the start of each season with a view to increase to bi-monthly as auctions become more popular within the community.”
The role of Loan Market in this venture is to speak with every vendor and purchaser.
“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,” Shand said.
“There are so many factors to consider before going into an auction. That’s why we’re on the ground and available pre-auction to help people understand auctions, get the most out of them and make sure they reach their long-term property goals.”