Selling properties at auction is only growing in popularity, and with our online auctions, we are busier than ever, and yet there might be a few lingering misconceptions about what exactly is sold at auction and why. We are here to clear up exactly why you should try selling a property at auction and all the benefits you get out of it.
1. The ideal place for a quick sale
Going through an agent to sell your property could take months, sometimes even years, but with auctions the entire process usually takes around 28 days. Yes, days. From registering your property with the auctioneer to the day of the actual auction.
2. You reach a wide audience
Our properties are sold across the UK, so you are not restricted to just catching the attention of your local population. We will promote your property with an extensive email campaign and on our auction catalogues to ensure your property reaches not only a wide audience, but the right kind of people who will be interested.
3. There is full transparency
All cards are on the table at auction. Every bid is made public, so you are aware of every stage of the process. Public offers also increase the chance of competitive bidding and just might drive the price up.
4. High sale rate
The stats speak for themselves; our last 10 auctions have returned an average success rate of 86%. That’s compared to an average of only 51% of properties listed with estate agents.
5. It’s not all over if the hammer doesn’t fall
If, for whatever reason, your property doesn’t sell on the day, that’s not your only chance to get it sold through us. It’s often the case that bidders who lost their nerve on the day still want to buy and we frequently sell properties post auction.
6. No negotiation
Selling through estate agents can sometimes mean there’s a lot of back and forth on pricing, that can stretch out the selling process and the sale might even eventually fall through if an agreement can’t be found. With auctions, the only back and forth is between the buyers as they place their bids.
7. Set your price
Sellers can set the minimum reserve price, meaning the auctioneer can only sell the property if it reaches your approved price, so there’s no risk of your property being sold below your target.
8. Guaranteed sale
Buyers have already done all their due diligence for a property prior to the auction taking place, which means the second the gavel falls, contracts are exchanged that very day and the buyer is committed to the purchase. This removes the potential anxiety that a sale will collapse weeks down the line.
9. Get the best price
As well as marketing your property on Rightmove etc. we have a database of interested parties eager to find properties with us and know just the right ones to connect with your property. By matching the right buyers to the right sellers, we can create competitive bidding and ensure the best price is achieved.
One of the main downsides of buying a property through standard means is selling chains – waiting for your buyer to sell their house before they can purchase yours, and so on. With auctions, chains are avoided completely as a buyer can only purchase at an auction if they have the funds readily available and are chain free.