Sarah Mains, Auction
Selling a property by auction goes back many years. Indeed legislation from over 160 years ago is still in place today. It is a proven method of achieving a desired result. Like many things property auctions come and go in popularity, although with certain classes, such as agricultural land, it has generally been the preferred method of disposal. Happily over the last ten years or so property auction sales have enjoyed a significant revival. This is a good thing, there can be many advantages from selling at auction. The benefits are not limited to sellers as many buyers feel that buying at auction is a simple, open and efficient method of purchase.
In recent years firms who had retained their faith in auctions have been rewarded by the renewed interest from sellers and buyers alike. They have now been joined by other auctioneers who have come back into the market place as well as some who have begun to use this method of sale for the first time. There has consequently been a significant increase in the number of properties offered and sold throughout England and Wales. It is estimated that about 2.5% of all properties sold do so through the auction method. Many more opportunities exist to grow the volume of sales. The expectation is that many more people will chose the auction method in preference to selling by private treaty.
There are many significant benefits from choosing Sale by Auction and it is only by understanding these, that agents and sellers can together decide if Auction is right for a specific property.
• Speed – there is no faster way of selling. The process can take as little as five weeks from instructing us, through to an exchange of contract.
• Chance of Success – Auction gives you a great likelihood of selling your property than by private treaty. Typically Auction House sells around 80% of the lots offered. If you need a certain sale you really should consider the auction route.
• No Fall-Throughs – your sale is certain. When the hammer comes down you have exchanged contracts, your buyer is legally committed and cannot change his mind. You will be much better off than via sale through the normal Private Treaty system, where approximately one third of all sales collapse after they have been agreed.
• Higher Profile Marketing – your property will be advertised very intensively in the local press – almost every day prior to the auction date, and also nationally through specialist publications that target investors and professional buyers. Your property will be featured in our high quality catalogue, which is mailed to thousands of interested buyers, and extensively promoted on the web. In truth nobody offers more high profile marketing that you will receive locally or nationally from Auction House.
• Open House Viewing Days – we set up special press promoted viewing days for your property. Each is hosted by a member of our Auction team, who can talk knowledgeably about the potential that your property offers and answer all manner of questions from prospective buyers. It is by talking with these viewers that we can judge interest and help guide you in setting the Reserve Price.
• Competitive Bidding – our aim is to generate interest from two or more prospective buyers and to encourage them to bid against each other. The process of competitive bidding will help your property to achieve “best price” on the day. Sometimes buyers are so anxious to acquire the property that they put in a very strong pre-auction offer – if in our view, that figure is unlikely to be reached or surpassed in the Auction Room, we will recommend its acceptance under Auction rules, and with a condition that contracts are exchanged at least five working days in advance of the Auction day.
• Best Price – often properties achieve a sale price at Auction in excess of the Guide Price. Regularly the result is ahead of that which might have been acceptable with a Private Treaty sale, but you can always be sure that it has achieved its Best Price on the day. This is especially important on Probate properties where Executors are required to achieve “Best Price”. When Auction is the chosen sale route then this is guaranteed and also open to public scrutiny.
• Continuing Tenancy Income – more and more investment properties are now being sold by Auction, without vacant possession being obtained in advance. By continuing the tenancy the vendor will continue to receive rent until completion date, and the purchaser will start receiving an income form the date onwards. Auction House sells a wide variety of occupied properties – Regulated Tenancies, Houses in Multiple Occupation, Assured Shortholds and others that are let commercially.
• No Re-Negotiation – with Private Treaty sales a price agreed often isn’t the price you finally receive. With Auction there is no re-negotiation, no discounting to take account of survey findings or any last minute gazundering. With Auction your buyer should have fully researched the property’s condition prior to bidding and cannot reduce the sale price after the hammer has fallen.
• Time Scale – if you are in a hurry or have a deadline to meet, then Auction could well be right for you. From the outset, you will know the date of the Auction and legal completion will usually be set for 28 days thereafter. This time-scale is fixed and legally binding on the two parties. Financial pressures, and the need to relocate or dispose of a property in a specific time frame, can be easily accommodated and are almost always met with a sale by Auction.
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4 Beaconsfield Road, Low Fell, Gateshead, NE9 5EU