Mana Kapiti Horowhenua had record setting auction levels yesterday

On 12 and 13 November 2008 the Mana Kapiti Horowhenua Realty group ran 37 Auctions - a group record - according to Stu Pescini Director.
http://www.wellington.harcourts.co.nz/

On 13 November there were 4 groups of eight auctions at the Paraparaumu Harcourts Auction rooms - with Auctions called by Elliot Falconer CEO and Mick Robbers Consulting Executive.
(read their profiles here)

Firstly I'd like to congratulate all vendors who did the proactive thing and joined the auction programme under the www.wellington.harcourts.co.nz banner -WELL DONE.

Secondly I'd like to pat the backs of all my colleagues who educated their vendors and used the auction process which statistically is more likely to result in a result. This places these listings ahead of the standard marketing style of the majority of the New Zealand Property Market.

THE RESULTS (so far)
Auctions on 12 November
5 Auctions with one sold on the day (20% success in a one month or 6 week marketing period)

Auctions on 13 November
32 Auctions on the day with 8 sold on the day (25% success in a one month or 6 week marketing period)

This is a stellar result - in one month 9 of 37 auction listings sold = 24.32% - compare this with the experiences of traditional New Zealand Property listings who don't even try an auction.

If I look at just the last months Levin activity (because it fresh and its where I monitor already)

There are approximately 400 residential listings in Levin right now see Mason Parker's No Added Fluff Diary: Levin Residential Sales Stats for October 2008

There are approximately 20 sales per month using August, September and October stats (in the same blog post)...this is 20/400 or a 5% success rate for an Exclusive or General Listing.

This tells me Auctions are FIVE TIMES MORE LIKELY TO GET VENDORS A RESULT . (5% vs 25%)

Why do auctions work?
Because its a simple formula - you work with cash buyers, there is higher profile marketing and deadlines ...with both buyers and vendors working to time frames. These three simple things increase motivation and give buyers and vendors a reason to make decisions in what is a confusing market.

Watch this space ...the results may get even better as the individual agents now move into negotiating with buyers who were unable to make cash-bids and who will be keen to make conditional offers.

And I have to make a special mention of Wayne Sutton - our Harcourts Auction Manager - he manages the Auction process and makes sure all the agents are kept up to speed with the great results.

Well done Wayne....and all the listing agents - a great result.

Don't forget to keep up to date with the upcoming auctions - I personally have two properties coming up on 26 November - 98 Weraroa Road, Levin and 14 Hannan Street, Levin

You can see these and my other listings at My Website

Remember with the interest rates down, kiwi elections, US elections, lower fuel prices and a lower cash rate we are ONE DAY CLOSER TO THE MARKET IMPROVING