Generally, there are two options for the location of a residential property auction; on site or “in rooms”. I am a fan of conducting the auction on site and I like to have my sellers at the property. My biggest reason for this is the transparency of the operation.
At an onsite auction the agent is concentrating on one auction, your auction. As a vendor you know that all your agent has on their mind for the couple of hours it takes is selling your home, not a list of others. They will concentrate only on your needs and interests.
As a seller walking around the property prior to the actual auction you can see the interest by the number of people attending. Not all attending will be buyers, but you can gauge interest by the number of attendees and what is being said in the crowd. This works exactly in reverse if you are a buyer, again great transparency. In room auctions just do not have that kind of opportunity as many attendees could be there for another property.
During the auction I like to have my sellers close to where the auction is being conducted so they can hear the tempo of the auction. This gives a vendor a good idea of what is going on and the interest buyers have in the property. It also allows me as the auctioneer to quickly speak to the vendor and receive final instructions.
One of the biggest advantages I see in an onsite auction is that the property continues to sell itself. Most properties have some sort of feature, a feature we as Auctioneers can show off during the auction. This is especially the case when a grand view is on offer or a particularly stylish home is being auctioned.
Auction rooms certainly have their place. Where a property is hard to get too, or does not have good space to park, or in most cases commercial property.