The Do’s and Don’ts of Selling at Auction
Selling property by auction is a quick and hassle-free process. If you’re considering selling your property by auction, take a look at the following quick guide to the do’s and don’ts of property auctions.
Spend time considering which auctioneer to use
There are lots of auctioneers around, some of which are dedicated auction houses and some of which are auction departments within an estate agent. In both cases, look at their recently sold auction properties and the prices they’ve achieved. See if there are any properties similar to the one you are selling and request a valuation from the one you feel will achieve what you want.
Get a free auction appraisal
You may not have yet considered an auction sale. You may be thinking about speaking to an estate agent on your local high street. If you get a few people out to value your property, make sure one of them is an auctioneer. In many cases our sellers can achieve a higher price by selling at auction than they would have done with an estate agent.
Instruct your solicitor
Once you’ve agreed your method of sale, you need to instruct your solicitor. This will be a requirement whether you sell by auction or via an estate agency. The only difference with an auction sale is that you work with the solicitor to create the documents prior to an offer being made rather than post-offer.
Let the auctioneer do the work for you
Once you have instructed us to sell your property, you can then relax and let us take the strain. We will market the property on our website and Rightmove, via social media and printed newspapers, through our national email database of active buyers and in our quality printed auction catalogue. We’ll manage all the viewings, liaison with your solicitor and any offers on the property. You will feel supported throughout the whole process from instruction to completion.
Enjoy the security
Not only can you feel secure in the knowledge that once the gavel falls on the successful bid, the buyer is committed and cannot pull out of the sale, you can also relax knowing that only a few weeks later you will receive the money in your bank. Often the completion date agreed with sellers is as little as 20 working days.
Carry out any refurbishment works
Quite often our best-selling properties are those which require improvements. Our buyers are looking for a property they can add value to and therefore those properties which need renovation and refurbishment works often peak their interest the most.
Worry about viewings
We will carry out the group viewings for you with one of our accompanied viewers. You do not need to be available for these viewings and you do not need to worry about tidying the house every few days for the next visitor. Let the purchasers see the property in its current state so they get a true understanding of what they’re purchasing.
Think it’s going to cost a lot to sell
It can be much cheaper to sell by auction than with an estate agency. In fact, depending on which contract type you select we offer a ‘sell for free’ option or you simply pay a fixed listing fee as agreed when signing our agreement and a % fee or fixed fee once the property is sold. This could typically only be around £2,000 + VAT. The only other cost you are required to pay is your legal fees to your solicitor directly; something you would be required to do with any type of property sale.
Think you’re going to get less than you want from the sale
At the point of instruction you will agree a guide price, at which we will market your property, and a reserve price, which is the minimum price for which we will sell your property. This is your security as a seller and it means that you will not achieve less than you need to for your sale.
Worry about fall throughs
The auction process is a secure one, with contracts exchanged or a reservation agreement made, upon the acceptance of an offer. This means that less than 1% of auction property sales fall through compared to around 50% of private treaty sales.
To request a free no obligation property appraisal click here.