How to Sell A Property At Auction

How to Sell A Property At Auction

Selling your property can happen in many different ways. The basic truth is, as long as you get the best possible price for it, than it doesn’t really matter by what avenue it is sold by.

One way that can sometimes be overlooked is selling at auction.

Benefits include:

  1. Reaching a better price than anticipated
  2. Might have otherwise been a complicated sale
  3. Can be achieved at a much faster rate

So, how do you know if selling by auction is the right choice for you?

Starting Point – Communication between yourself and the auctioneer is crucial before you can be listed. The auctioneer will need to assess your property and ensure that it meets the requirements for auction, if the property is suitable a reserve price will be agreed and an allotted time will be confirmed.

Marketing – Auctioneers often send out material to their database ahead of any auction. This gives the potential buyers a chance to digest what is being sold and give them the time to consider which properties are of most interest. This is a key stage as without it, there is little chance of the house being sold.

Auction Day – This is where the fun begins… and ends. Once the highest bidder as heard the gavel bang, the property is theirs. The contract is binding and the paperwork will be drawn up there and then. There will be no negotiations at this stage. Your property has been sold.

The Right People Are There – Serious buyers are at auctions. Often investors and developers use auction houses as their bread and butter for finding lucrative opportunities. If your property is being looked at in a room full of buyers, you have a good chance of success.

Should you require more advice or guidance on how to sell your property via auction, contact us today. We are happy to provide you with best practice advice and tips to ensure you get the result you are looking for.

 

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