Written by: Richard Worrall | 30 May 2024

Unlocking the Mystery: Why Estate Agents Love Auctions

Estate agents have plenty of reasons for loving auctions, and the number of agents partnering with us has only increased over the years. We pay hundreds of thousands of pounds in commission to our partner agents, providing them with an additional, lucrative avenue for selling properties – while remaining ahead of their local competitors.
Our partner agents receive regular training and have the ability to determine whether auction is the best method for selling a property, right from the outset. But there’s more to why so many estate agents are embracing auctions and enhancing their business! Let’s explore further…

Win More Instructions
By offering auctions as an additional service to their clients, agents immediately set themselves ahead of their competitors. If they don’t offer auctions to clients seeking this method, they risk losing the instruction to a competitor who does. Additionally, auctions can breathe new life into stale property listings that are yet to find success through traditional methods of sale. Instead of losing the instruction entirely, agents can collaborate with established auctioneers such as ourselves, and retain the client.

Quicker sales
Properties sold at auction exchange contracts on auction day, with completions typically within 20 working days. In contrast, traditional sales can take an average of 3-6 months or longer, and risk falling through at any stage before contracts exchange. Quicker sales lead to quicker completions, boosting cash flow and overall, creating a rock-solid sales pipeline.

No Sales Progression
Sales progression is often the longest, most time-consuming part of a property sale. Instead of dedicating hours trying to push sales through to completion, commissions with us are secured on the fall of the gavel. This is a huge advantage for our partner agents!

Earn higher fees
Our partner agents retain a whopping 70% of the commission post-completion. Add in the fact auction fees are higher than most traditional private treaty sales, and on average, our partners earn 1.75% + VAT of the final sale price. It’s a cracking deal!

Broad Marketing Reach
Auctions provide extensive exposure, showcasing properties to a nationwide audience. While estate agents have strong local buyer databases, our pool of potential buyers extends across the country. We leverage robust marketing strategies—including emails, newsletters, and social media—to attract interest from a wide array of potential buyers across the UK. This broader reach often leads to more enquiries and, consequently, more instructions for agents.

No cost
There is NO cost to sign up as a partner with us. Literally £0. This includes free training, ongoing support, brand enhancement and much, much more.

Not all properties are suitable for auction, but there are always buyers eager for such opportunities! Similarly, not all clients prefer traditional sales methods; some seek the transparency, speed, and certainty that auctions provide.

The short of it is, if you’re not offering auctions as a service to your clients, your competitors likely are. So, don’t miss out—contact us today to discuss how auctions can benefit your business!

Share article: