8 Steps to Selling Property
In the case of an auction, it is the seller’s right to set the reserve price (if any) prior to the auction. The seller should consult with their agent and auctioneer when setting the reserve, as they will be familiar with recent, comparable sales in the area.
The agent should also provide the seller with regular feedback from prospective buyers through the entire marketing campaign. The reserve price must be kept confidential.
Sellers should remember to be realistic when considering an offer or setting a reserve, keeping the principal of supply and demand in mind while factoring in other general market conditions.
Now it's time to move on to Signing the Contract of Sale