Thanks to TV programmes like Homes under the Hammer, the auction room has become an increasingly popular place for selling property over recent years; a place where you get the best price as well as a secure and quick sale. But it's still a method of sale that many vendors don't consider when selling a property, assuming it's a place reserved only for property professionals.
Here's our selling top ten tips to auction success...
1. Seeking advice
It all starts with an email enquiry or a phone call to SDL Auctions North West. We will ask you about your property, your situation and your requirements. One of our valuers will then visit and inspect your property.
In your appointment, our valuer will give guide price recommendations, talk you through the process and help you decide on the appropriate way forward.
2. Instruction to sell
Once you've instructed us to go ahead, we will confirm our terms of appointment, contact your solicitor, gather the necessary paperwork, liaise with others to get searches, planning permissions, specialist reports, an Energy Performance Certificate (EPC), tenancy agreements and architectural plans, and get special conditions of sale prepared for your property.
We will work with you and your solicitor to help get a legal pack prepared as quickly as possible and then make it available online to all interested parties. We'll also hold an 'office copy' for buyers to inspect.
3. Property details approved
We will submit the property details and marketing material we have prepared for your property for you to approve before this is published. Once agreed, we will convert them into a format suitable for viewing on our website, create press advertising and your catalogue entry.
Amendments will be discussed as necessary, and late revisions notified via an addendum prior to the auction.
4. Effective marketing campaign
We will advertise your property through multiple channels leading up to the auction day, including:
Advertisements in local newspapers.
Listing on Rightmove.
Emailers to our extensive mailing list of 40,000+ potential buyers.
In addition to this you'll benefit from multi-office marketing through our branches and when appropriate, our joint agents.
5. Viewings and open days
We organise viewings at all properties that require access, and have an experienced, well briefed member of the team present to provide guidance and ascertain interest from the many viewers.
Viewings are well advertised, highly effective and highly valued by prospective auction buyers.
6. Catalogue distributed
Your property will be allocated a lot number and, after approval, will be added to our auction catalogue. The catalogue will be sent to our national mailing list of buyers, as well as those who have made specific enquiries for the current auction.
The catalogue is also uploaded to the website as a sliding pages document.
7. Reserves set
We gauge interest and likely bid levels at the open days, and by discussion with prospective buyers. Pre-auction offers may also be received which are taken into account.
After this we agree a reserve price approximately 48 hours prior to the auction and this remains confidential between you and the auctioneer.
Occasionally a pre-auction offer may be so attractive and unlikely to be beat in the auction room that we recommend its acceptance, conditional upon exchange, at least five days prior to auction day.
8. Auction day
If there are any final amendments to the catalogue, these are given out to those attending the auction on the day before the auction commences.
Each lot is described prior to being offered, and, hopefully after competitive bidding, sold on the fall of the hammer, with contracts being effectively exchanged at that point. Sale documentation is signed in the room and a 10% deposit paid.
Your solicitors will handle the process after the auction. We will supply them with a memorandum of sale and hand over deposit monies after deducting sale costs. You will need to:
- Provide vacant possession on completion, unless the property has been sold tenanted
- Make arrangements for key release
- Cancel your service supplies, insurance etc.
10. Can SDL Auctions North West help you further?
Whether you have another property to sell by auction, you need valuation advice on other properties or want to use the sale proceeds to purchase another property, please just call us on 0161 774 7333 - we are here to help you.
If you have been pleased with our service and the result of your sale, then please recommend us to others and help us promote the benefits of a sale by auction.