CPPDSM4018A PREPARE FOR AUCTION AND COMPLETE SALES
ASSIGNMENT 2
NAME: TREVOR TAI
STUDENT NO.: 376600297
1. Role at open for inspection (OFI).
The agent’s roles were to:
Introduce the property’s features, benefits and discuss the aspects of the property relevant to the buyer.
Answer any queries from potential buyers.
Listen closely and observe attendees to gauge buyer interest and motivation.
Qualify and record all potential buyers’ detail on your behalf. They will seek good prospects from the rest.
2. Reason for selling.
The agent said the reason for selling is confidential. However, we were told that the property was an investment property. Generally, selling one is to cash in at current high price.
3. Price range.
At the first OFI, the agent said vendor is expecting property to sell between $760,000 and $790,000.
4. How much interest?
The agent said interest is stronger than expected. 50 contracts were issued in total.
5. How many people were in attendance?
About 80 people attended the auction.
6. How many registered buyers?
The bidders’ registration form showed there were 15 registered buyers at the auction.

7. Describe in details the auctioneer’s introduction, formality and process during commencement of the auction:
Introduction: the auctioneer stated
The selling agent’s details and her sales record in being a specialist in selling properties in this suburb.
His business details and his work experience.
Features and benefits of the property. For example, he said that the property has about 1,000 square meter of land (feature) but the attraction is what improvements the new owner can put in like a bigger house or a granny flat (benefit).
Formality: the auctioneer stated that:
The method of sale for this property is auction.
There is no cooling off period.
10% of the auction price is payable as deposit upon the fall of the hammer.
Gave a summary of sales conditions. Like name of property, 42 days settlement. Refer bidder to get more details from front page of contract.
All bidders must be registered.
He can refuse any bid not in interest of vendor. Vendor can make 1 bid.
Process: The auctioneer:
Encouraged the bidders to open the bid at $750,000 and he was successful.
Suggested and accepted bids at $10,000 increment.
Later accepted bids of $1,000 increment when the bidding price was at about $890,000.
Accepted the final bid of $900,000 at the fall of the hammer when there were no bids despite his cajoling bidders.
Did not mention when the bid price exceeded the reserve price.
8. Comment on the auctioneer’s mannerism, tonality, body language and how the auctioneer concludes the auction?
Mannerism.
He was business-like and made no attempt to the