ï»¿ï»¿ï»¿ï»¿When the markets hot and you have upward of 5 people registering at each auction the importance of having a high quality buyer meeting pre-auction is not critical, but in 2011, in a marketplace with lower number of registered buyer, agents intel on where the buyer is, is mandatory.
Just like the vendor meeting , the one on one buyer meeting provides you an excellent opportunity to pre-frame and prepare the buyer for what’s going to happen in the next few days at auction. The buyer meeting will cover the following:
- Get there early to register
- Bring legal requirements for registration
- Tips on how to bid
- Pre-warn the buyer that the auctioneer does not use the terms “we are on the market”
- What happens if successful?
- Provides up to date latest comparable sales to educate buyer up in price level.
Essentially, you’re educating the buyer to come along and have to pay fair reasonable market price because everyone likes a “no surprise policy”.