--- title: How to Set a Reserve Price for Auction - LJ Hooker description: As part of our on-going series on how to sell your property by auction, this blog looks at how to set a reserve price and what factors you should consider. image: https://www.ljhooker.co.nz/hubfs/Residential/Blog/How%20to%20set%20a%20reserve%20price%20for%20auction.jpg --- [![logo](https://www.ljhooker.co.nz/hubfs/raw_assets/public/ljh/images/ljhooker_logo_v1.svg) ](https://www.ljhooker.co.nz/) [Find an office or agent](https://www.ljhooker.co.nz/blog/how-to-set-a-reserve-price-for-auction#) #### header search ### Sidenav Overview - [Buying](https://www.ljhooker.co.nz/buy) - [Buying Real Estate](https://www.ljhooker.co.nz/buy) - [Properties For Sale](https://www.ljhooker.co.nz/residential-search-results?orderBy=date-desc&searchOrigin=residential-nz&searchProfile=buy) - [Why Buy with LJ Hooker](https://www.ljhooker.co.nz/buy/why-buy-with-lj-hooker) - [Buying at Auction](https://www.ljhooker.co.nz/buy/buying-at-auction) - 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Your initial appraisal** At the beginning of your campaign your salesperson would have appraised your property.   To get to this figure they would have conducted a comparative market analysis and looked at similar properties that are currently on the market or have been recently sold. They would have considered current competition, wider market trends and your properties structure and conditions to arrive at a value that they believe you could achieve if you sold your property at that point in time. #### **2. Buyers sentiment** Auctions often achieve high sales prices because two or more emotional buyers keep bidding against each other, motivated to buy the property.  Understanding buyer sentiment is important when setting your reserve.  Talk to your salesperson and see if there are any passionate buyers, what does the salesperson think buyers would be willing to spend, what is the general feeling at the open homes? #### **3. Advice from your salesperson** Your salesperson is at the coal face of your marketing campaign, they are hosting open homes, fielding calls, sending contracts, following up attendees after inspections.  They know how much interest there is in your property plus any positive or negative feedback.  They know what the market is thinking about your property and are an important resource to tap into when setting your reserve. #### **4. Any offers and market feedback** It is important not to get sentimental about your property and set an unrealistic reserve.  It is very important to talk to your salesperson, to review any pre-auction offers and listen to market feedback from your salesperson.   Over the course of the auction campaign, which is normally 3-4 weeks, the property market can fluctuate and it is important to factor these changes in when setting your reserve.  You want to be “in the market” not “on the market”.  Consider carefully - are you prepared to sell for what the market is prepared to pay? [Share ](https://www.ljhooker.co.nz/blog/how-to-set-a-reserve-price-for-auction#) ### Share on [Facebook](http://www.facebook.com/share.php?u=https://www.ljhooker.co.nz/blog/how-to-set-a-reserve-price-for-auction) [Twitter](https://twitter.com/intent/tweet?text=I+found+this+interesting+blog+post&url=https://www.ljhooker.co.nz/blog/how-to-set-a-reserve-price-for-auction) [Email](mailto:?subject=Check%20out%20https://www.ljhooker.co.nz/blog/how-to-set-a-reserve-price-for-auction%20&body=Check%20out%20https://www.ljhooker.co.nz/blog/how-to-set-a-reserve-price-for-auction&media=https://21262656.fs1.hubspotusercontent-na1.net/hubfs/21262656/Residential/Blog/How%20to%20set%20a%20reserve%20price%20for%20auction.jpg) [Copy Link](https://www.ljhooker.co.nz/blog/how-to-set-a-reserve-price-for-auction#) [Sell](https://www.ljhooker.co.nz/blog/tag/sell) ![Lyall Russell](https://www.ljhooker.co.nz/hubfs/corporate/ljhooker/recruitment/452A8135%201.jpg) #### Lyall Russell With more than a decade of experience in journalism, media and strategic communications, Lyall Russell has built a career around telling stories that inform and engage. His work has been published across four countries, and he has held roles ranging from producer at New Zealand’s leading news radio station Newstalk ZB to real estate journalist helping shape the news agenda at Real Estate Business. Today, Lyall brings that experience to LJ Hooker, where he specialises in property insights, market commentary and practical guides that support people at every stage of their real estate journey. He is also passionate about showcasing the people, performance and innovation across the LJ Hooker network, ensuring the stories behind the brand are as strong as the results it delivers. ### More interesting resources you might like... ![The Value of a Local Agent and Questions to Ask](https://www.ljhooker.co.nz/hubfs/ljhooker.co.nz/Blog%20images/The%20value%20of%20a%20local%20agent%20and%20questions%20to%20ask.jpg) [Sell](https://www.ljhooker.co.nz/blog/tag/sell) [The Value of a Local Agent and Questions to Ask ](https://www.ljhooker.co.nz/blog/the-value-of-a-local-agent-and-questions-to-ask) Finding the right agent to sell your property is a big decision. Your home is probably the most valuable asset, then for you choosing the right agent will have a direct impact on how quickly you sell, how much you sell for and how many potential buyers are interested in your property and how much you sell for. 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