There is a golden rule when it comes to buying property at auction: always view the property before you bid. The catalogue can provide detailed insight into the property with photos, video tour and all the legal documentation you will need, but there’s no better indicator of whether a property is right for you than seeing it in person. Whether you’re a seasoned investor or a first-time buyer, understanding the ins and outs of house viewings can significantly impact your auction experience. So, let’s explore some key points you need to know to help you navigate the world of property auctions effectively.
When it comes to auctions, viewings are little different from ones through traditional treaty purchase. There is typically a very narrow window between when a property is listed for auction and the auction taking place, meaning there are a lot of viewings from eager buyers that need to take place, and a short time to do it. To be as efficient as possible, auction houses provide block viewings with fixed dates and times that multiple potential buyers attend. Usually, 3-4 viewing blocks take place leading up to an auction, though with larger properties there may be more, and you can select the one that works best for you. The viewing blocks tend to be on weekdays and during office hours.
“To be as efficient as possible, auction houses provide block viewings with fixed dates and times that multiple potential buyers attend.”
A bonus to property tours with other potential buyers is you can gauge the interest on the property and plan your bidding strategy accordingly. If there aren’t many other viewers, there might not be much competition for your bid, but if there’s a crowded viewing, you may need to adapt your bid.
You’re not the only one who can attend these viewings. If there isn’t a time that is suitable or fits in with your schedule, consider sending a representative on your behalf to view the property. If you want a surveyor, valuer, or contractor to assess the property, the auctioneer will be able to provide access before the auction takes place. When attending the viewing, we highly recommend taking your own photos and walkthrough videos so you have reference points to work from, and this may save you a second visit.
Property auctions feature lots from all over the country, meaning the auction house cannot personally conduct the property viewings, but their partnered local agents are on hand to take over. Their local knowledge and expertise mean they can provide insight that might not be featured in the catalogue, such as perks in the area or the possibilities of what can be done with the property.
Now you’re an expert in property auction viewings, the next step is to find a property to view! Check out this month’s catalogue or get in touch with us to discuss what property is right for you.