If you’re thinking of selling your property at auction, you’re likely the owner of a particular type of property that would suit the auction process or looking for a quick and certain sale. You may own a dated property that is in need of modernisation or refurbishment throughout, have planning permissions attached or fit within the multi-use category.
Despite some misconceptions, selling at auction can be a good way of ensuring your property sells for the price you are expecting, if not sometimes higher. We’re looking at how you can get the most out of your sale at auction.
Setting your reserve price
Your reserve price is the lowest price you are prepared to accept. Buyers at auction do not know the reserve ahead of auction, so if the reserve is not met, the property is not sold at the auction.
The auctioneers can provide you with a no-obligation valuation to help you understand what your property is worth. It’s also a good idea to do some research and have a look at how much similar properties have sold for at auction in recent months and take current regional market conditions into consideration.
The good news is that if your reserve is not met, there is still always room for negotiation after the auction, so bear all of this in mind when setting your price as many buyers will expect some wiggle room.
Marketing your property
Due to the competitive nature of an auction, you’ll want to drum up as much interest as possible to ensure there is good footfall on auction day. Generally, your auction house professionals will take care of the marketing for you, taking good quality photos for auction catalogues and use on social media or even local press. However, you should always ensure that you are happy with the information marketing your property.
Additionally, spreading the news by word of mouth can be useful in reaching friends of friends and acquaintances that may be interested or know of potential buyers.
At Auction House Sussex, not only do our team have decades of experience in property auctions, valuing and surveying, we regularly communicate with a wide group of interested parties. You can rest assured that the marketing of your property will be managed professionally and promoted to a variety of audiences.
Don’t be tempted to sell before the auction date
It will depend on your situation of course, but sometimes properties are sold prior to the auction. For sellers looking for a quick sale, this might be ideal; however, you may not actually be getting the best price for your property this way.
However, if a potential buyer wants to put an offer in ahead of the auction, you should use their interest as a good indicator and let them fight it out against other bidders on the day. Additionally, if you have an idea of their offer price, you can use this knowledge when setting your reserve price for the day.
If you’re thinking about selling a property at auction and would like some information or advice around the suitability of your property, please get in touch with the Auction House Sussex team. We’d be delighted to help.