The benefits offered to both buyers and sellers have made real estate auctions arguably the most popular way of marketing and selling property in Australia.

At the time selected and advertised by the seller, buyers are invited to bid, or submit offers, on a property. The reserve price in usually set by the seller, and bidders offer competing bids until the highest price at or above the reserve price set by the seller is reached.

The auction process gives the seller confidence that the property's true market value has been established.

The auction process:

• Select your agent and auctioneer. Be sure they are a member of the Real Estate Institute of Tasmania. Membership of the REIT gives you protection and an assurance of your representatives' ability and experience.
• Use your agent or auctioneer's experience and knowledge - they can give you advice on marketing and presentation as well as when and where to hold the auction.
• The advantages of auction in the sale of all forms of real estate are many.
• Purchasers unaware of the reserve price may compete for the property, achieving a higher price than a direct sale.
• Bidders are likely to bid confidently when in direct competition, knowing they are paying correct market value.
• The time limit set on an auction - the property is sold on the fall of the hammer - makes the result decisive.
• All interested parties have an equal opportunity to bid.
• Executors, trustees and attorney are absolved from criticism that they highest possible price was not obtained.
• The true market value of the properties which are unusual, hard to value or of special value to a particular buyer, can be assessed by the public auction.
• The auction process gives the seller three opportunities to sell their property - through an acceptable offer prior to the auction, on the day, or by negotiation after the auction, in the reserve price is not reached.
• The seller can arrange inspection times to suit their own requirements.
• The conditions of the auction can be stipulated by the seller to suit their circumstances With the help of their agent, the sellers has complete control over the sale of the property.