Set the right Reserve.

Setting a reserve price is not simple and there are many things to consider.  This video aims to demystify the reserve and offer some tips on coming to the right reserve price.

Let's start with a definition and then we can talk about reality!

A reserve price: is the minimum amount that a seller will accept as the winning bid.

All property owners have 2 basic targets. Understanding these 2 will serve as our reference for the logic behind setting a reserve price.
1. Not to undersell their home.

2. Maximise the value of their home.

It is important to understand that the reserve price is confidential only the agent, auctioneer and the owner will know where it has been set.