A guide to phone bidding at auction
SDL Property Auctions aims to provide a full range of bidding methods when it comes to our online Auction Events. The phone bidding method offers remote buyers the opportunity to bid on a property without relying on an internet connection or proxy bidding and involves a member of our team calling you on the day to bid on your behalf while under your instruction.
The entire process is easy and hassle-free, but there are a few things that you should know before the auction begins to ensure you are registered correctly. This guide will take you through each stage of the registration and bidding process so that you are prepared for the event. Alternatively, for a quick visual overview that outlines how to telephone bid at an auction, you can watch our video below.
What should I do before the auction event starts?
Before any bidding can commence, the first thing to do is browse through the dates and catalogues of our upcoming Auction Events. You’ll then need to find a property you wish to bid on and make a note of the date, as you must make sure you’re available to receive the phone call from our team.
We also recommend that you outline a budget for the property you wish to purchase, taking into account your maximum bid, administrative fees and the deposit you’ll need to pay as soon as the auction ends if you’re the successful bidder. Additionally, we’d suggest keeping your telephone or mobile phone close to you so that you can pick up the call, and those using a mobile ensure it is fully charged or near a charging device if necessary.
How do I register for telephone bidding?
When you have chosen an auction date that suits you and your property (or properties) of interest, you can register to bid using the remote bidding form. You can do this by clicking ‘register to bid’ on your chosen date or property and following the given prompts. When you submit your form, ensure that you select ‘telephone bidding’ as your chosen method. Within 30 minutes of submitting the form, check your inbox as you should receive an email from Credas to verify your ID online.
What details will I need to register?
When verifying your identity, you will need a few details to hand. This will ensure that you’re authorised to bid on the day. We suggest that you have the following information available to you:
- Your financial details to make a payment, should your bid be successful.
- Photographic proof of identity and proof of residency.
- The Credas app downloaded to your mobile device or tablet.
- An auction passport from Essential Information Group (if you do not have one, you can create one using this registration service).
- Solicitor details (you do not need this to bid, but it will be useful to have them ready if your bid is successful).
- The primary and secondary phone numbers you wish to be contacted on.
What happens after I’ve submitted the telephone bidding registration form?
Once you have submitted the form and you have authenticated your identity, SDL Property Auctions will request your payment details. No money will be taken from you upon completion of this request, but we require this information to ensure that we can take the necessary funds if you are the winning bidder on the day. Aside from this request, we will not contact you again until the auction day unless we do not have the capacity to carry out your telephone bid or if we need to relay information about your chosen property of interest.
How to telephone bid on the day
The process of telephone bidding is very straightforward, you just need to ensure that you are contactable on the day. At an appropriate time, likely just before your chosen property is due to be auctioned, you’ll be contacted by a member of our team. They will give you a commentary on the auction so that you know what is happening and where the current bidding stands. From there, the call handler may inform you what the next bid is and ask you if you wish to bid the specified amount. If you say yes, they will raise their hand and the bid will be taken. If the format differs from this and you need to specify the amount you wish to bid, our team member will inform you of the process before the auction commences.
If you wish, you can give the call handler your final maximum bid on the call and instruct them to bid on your behalf. Our team members will never surpass your maximum price without your authorization. If your bid is successful, the call handler will inform you and you will be expected to release the required funds on the same day. It is important that you aren’t tempted to bid more than you can afford in the excitement of the auction as this sale will be legally binding.
We strongly recommend that if you are bidding using this method you ensure your phone is fully charged, and you are in a quiet distraction-free zone with a strong signal. This will help ensure the process runs smoothly and you don’t miss out on your dream property.
What happens after the property auction ends?
If your bid is successful we will take all the necessary fees using the financial details that you provided upon registration. The transfer of these fees will confirm the sale and we will carry out the exchange and send confirmation to your solicitor. After the completion period ends, which can be either 30 or 60 days depending on the type of auction sale, you’ll be the new owner of the property.
The entire process of telephone bidding is an easy and faff-free option. However, if you have any further questions about auction telephone bidding, you can contact a member of our team and we’d be happy to help answer your queries.
Phone bidding… that was easy.