When do I have to set my reserve?

You can set your reserve at any time throughout your auction campaign.  In fact, a reserve does not need to be set until just before an auction commences!!

Normally, your auctioneer should meet with you in the week leading up to the auction to go over the feedback reports and help you set a reserve price.

During your marketing campaign your agent should be giving you regular feedback on how much buyers think your property is worth.  As well as this, they should also keep you up to date with sale prices of comparable properties and if any new properties come onto the market during your campaign.

After careful consideration of your agent’s feedback reports you can make a final judgement on where you want to set the reserve.

Got a question?  Contact Anita Dobson via email or Facebook! As seen in this week’s Real Estate Outlook.

Disclaimer: All opinions expressed by Anita Dobson in this article are solely Dobson’s opinions and not necessarily the opinions of Harcourts Tandem Realty Ltd.  You should consider seeking advice from your own financial or investment advisor.