Auction Action with Edward Riley
When the fervour of auction fever takes hold, little can compare to the thrill of the chase and net effect.
The auctioneer plays a pivotal role in determining the outcome, as readers will discover:
Edward Riley
Title: Senior Auctioneer
Company: McGrath Estate Agents
Love of the sport — What do you love most about selling a property at auction? I love the excitement of it all and the fact that no auction is ever the same. From a seller’s and buyer’s perspective, I love that it provides an open and transparent environment in which to transact property.
Experience pays — How long have you been an auctioneer? I have been a full-time professional auctioneer since 2007. So, this year is my 15th year calling auctions.
Fully qualified — What qualifications did you undergo to become a licensed auctioneer? Here in NSW, you need to be a licensed real estate agent before you become an auctioneer. Once you have done the relevant study to obtain your real estate agent’s licence, you then need to undertake an auctioneer’s accreditation course to start calling auctions.
Vendor appreciation society — What is your best advice for vendors? Make sure you do your research before appointing an agent. The difference between a great agent and a bad agent can literally be hundreds of thousands of dollars. Also, find out who your auctioneer is and go and see them in action. Make sure you are happy with their level of skill and confident in their ability.
Bid to win — What is your best advice for bidders? Confidence is key! Bid early and bid strong. You need to take control of the auction and let other bidders know that you mean business. Make every bid count and even if it is your last bid, you need to deliver it in a way that makes everyone else think that you’re not going to stop.
Trophy wall — What is your proudest achievement as an auctioneer? Funnily enough, my proudest achievement is not any of the awards I have won. Instead, my proudest achievement happens whenever I sell a property at auction and the vendor says to me that the extra money I have made them will change their life!
Case of the jitters — What is your most nerve-wracking auctioneer moment? My most nerve-wracking moments as an auctioneer have occurred when I’ve competed in auctioneering competitions. There is something about the added pressure of performing in front of your peers that gets my nerves going.
Best result — What is your biggest margin above reserve? There have been plenty of big results over the years. The reserve is something I always feel should remain confidential between the vendor and the agent/auctioneer. I’ve never been a fan of agents/auctioneers who brag about how much over the reserve they sell a property for. The last thing a buyer wants to hear is how much they may have overpaid for a property.
