How does Open Auction work?
With Open Auction, your property is listed with an "Enquiries Over" price. Buyers submit their offer online, and every buyer can see every other buyers offer. This lets them keep their offer competitive, and no buyer misses the opportunity to present their best offer.
STEP 1
Buyers make informal offers
We keep it easy for buyers to introduce themselves with just their price and conditions.
STEP 2
Buyers make formal offers
When they are ready, their offers can be formalized on a signed Sale and Purchase Agreement.
STEP 3
You set a close date
When you have a formal offer that you would be happy to accept, you set a deadline for the sale.
STEP 4
Buyers improve their offer
Buyers can update their offer any time before the deadline to stay competitive.
STEP 5
You pick the winning offer
After the deadline, you choose the most attractive offer and sign the Sale and Purchase Agreement.
STEP 6
Conditions and settlement
Over to the lawyers to work through any conditions, handle the deposit, and settlement.
Like an Auction, but different...
Traditional auctions are known for their excitement. However, they also have some hidden limitations. At Wave, we understand these challenges and aim to overcome them.
We support conditional and unconditional offers
Many buyers need to add conditions to their offers (such as securing finance, or sale of their own home). These buyers are excluded from a traditional auction, which is a huge limitation as it severely restricts the market.
Instead, Wave's Open Auction allows both unconditional and conditional offers, doubling the pool of available buyers while retaining the power of an auction.
While conditional offers can pose higher risks compared to unconditional offers, retaining access to this wider pull of buyers helps generate competition and buyers to put forward their best offer.
No time pressure,
no Auctioneers fees
The intense time pressure of traditional auctions can deter buyers and limit participation. Instead, Wave Open Auctions have an auction-style platform with a relaxed timeline.
With Open Auction, buyers have days, not minutes, to consider their options, resulting in better engagement and a broader pool of bidders. More bidders mean more competition, driving up prices and leading to better deals for you.
Auctions can also be stressful due to high Auctioneer fees, sometimes reaching up to $1,000 regardless of whether your property sells or not. That's where our approach stands out. With Open Auction, there are no additional fees, and the auction can run as long as it needs to.
What's it like to sell with Wave?
When Mike and Nicole used Wave Open Auction to sell their property, they:
- sold their home in 12 days,
- received 20 offers,
- made $78,000 over their original asking price,
- and saved over $25,000 in agent fees.
What happens next?
When you create your account, your Wave licensed Real Estate Agent will give you a quick call to introduce themselves, answer any questions about our process, understand what's unique about your property, and get everything kicked off.
So if you are ready for a break with tradition,
want better offers and fairer commissions,
let's make waves together.
What happens next?
When you create your account, your Wave licensed Real Estate Agent will give you a quick call to introduce themselves, answer any questions about our process, understand what's unique about your property, and get everything kicked off.
So if you are ready for a break with tradition, want better offers and fairer commissions, let's make waves together.