THE BRIEF
The Brief
The clients engaged TBAS® Buyers Agents for negotiation and due diligence support on 10 William Street, Epping.
They had identified the right property, but wanted expert advice before committing at auction. The brief was clear: assess value, complete due diligence and protect the clients from overpaying in a competitive auction environment.
With a published reserve of $3,150,000, it was essential to understand the true market position and create a disciplined bidding and negotiation strategy before auction day.
THE AUCTION
The Auction
The auction attracted 3 registered bidders, with 2 active bidders participating.
Bidding opened at $2,100,000 and continued for approximately 40 minutes. Despite the extended bidding, the highest bid reached $2,725,000 and the property was passed in.
This created the opportunity. Rather than being pressured into emotional bidding, TBAS® maintained a clear position and prepared to negotiate directly after the auction.
OUR STRATEGY
Our Strategy
TBAS® completed due diligence before auction day, reviewed comparable sales and advised the clients on a sensible buying range.
Once the property passed in, the strategy shifted from auction bidding to post-auction negotiation. TBAS® managed communication with the selling agent, used the auction result as leverage and negotiated from a position of evidence rather than emotion.
The goal was to secure the property at the right price, not simply to win the property at any cost.
THE OUTCOME
The Outcome
TBAS® successfully secured 10 William Street, Epping post-auction for $2,725,000.
With a reserve price of $3,150,000, the final purchase price represented a saving of $425,000 below reserve.
The result demonstrated the value of preparation, due diligence and expert negotiation after a property passes in at auction.
WHY IT WORKED
Why It Worked
01
Due diligence completed before auction day
02
Clear market value advice before bidding began
03
Disciplined auction strategy across 40 minutes of bidding
04
Strong post-auction negotiation after the property passed in
05
$425,000 saving below the reserve price
