Sell Property & Land at Auction
Why sell at auction
Each year hundreds of people choose to dispose of their residential and commercial property and parcels of land through our Property Auctions held in Leeds, Manchester and London. If you are considering following this tried and tested route, there are a number of advantages of selling property, land and houses by auction which include:
- A legally binding contract of sale on the day of the auction
- A fixed completion date usually 28 days after the auction
- No negotiations or discussions regarding the condition of the property
- Auctions have long been regarded as a very efficient method of disposing of surplus property
It is important, however, to note that not all property is suitable for such a method of sale and great care is taken by our Auction Department to ensure appropriate entries are placed in the catalogue.
There are many factors which combine to determine whether it is appropriate to sell property by auction, which includes the minimum reserve price acceptable to the venue and the type of property, of which the following are usually successful at auction:
- Residential or commercial investments
- Vacant shops or houses in need of renovation
- Commercial or residential property either in high demand areas or conversely in poor demand locations where private treaty sales could be difficult.
Auctions are not only an effective method of sale but can often produce a very good price. If you are considering the auction route, the selling price should always be a secondary factor with the actual disposal the main reason for choosing this method.
To request someone to contact you to discuss selling your property or land at auction, please click here to complete the free auction appraisal form or alternatively telephone 0845 505 1200.
Frequently asked questions
How much will it cost to sell property at auction?
To enter your property into our auction, we charge an up-front entry fee. This charge covers the costs incurred in entering your lot into the sale including:
- A board
- Catalogue production
- Newspaper advertising
- National property magazine advertising
- Google Pay Per Click advertising
- RightMove and Zoopla advertising
- Undertaking set viewings at your property.
This fee varies depending on the type of property you are entering into our sale and we will explain the various options to you when you contact us for a free appraisal.
Other firms enter properties for free. Why do you charge an entry fee?
We strongly believe that our model gives the fairest deal to vendors. Our entry fees are kept as low as possible and each instruction is charged flexibly. A tailored fee is agreed based on the specific needs of the property. This model works for us and our clients and ensures that by charging this fee upfront it enables us to keep our percentage commission charge low when the property sells.
Many deals which offer a no entry fee option often see the percentage commission charge set much higher meaning that in the long run YOU WILL pay a higher fee than our model.
Why is an auction guide price lower than an estate agents?
Auctions are attended by people looking to unconditionally purchase a property on the day. For this to be attractive to them they need to have the ability to subsequently add value to the property by undertaking development or improvement work or for them to use the property as an investment. Both scenarios require the vendor to be willing to price the property so it is attractive to auction goers.
The thing to remember is that if a property sells, it exchanges at the fall of the hammer – the contract is therefore unconditional and no further reduction in price can be made – unlike the estate agency sale route which can be open to reduction in offers once surveys have been undertaken.
How quickly do I get my money?
Our property auctions typically have a three and a half week marketing period from when the lots first go live to the day of the auction. If your property successfully sells, the purchaser pays a 10% deposit which is passed to your solicitor as soon as the funds have cleared.
Completion is usually 28 days after exchange meaning that funds can be with you within approximately seven weeks from the commencement of marketing for your property.
Where is the property marketed?
All properties entered into our auction are marketed extensively in the run up to the auction. Our marketing ensures the maximum possible exposure to the market and includes:
- Email marketing to our database of over 25,000 registered purchasers
- Google Pay-Per-Click advertising
- 3rd party website banner advertising
- 3rd party National investor email circulation
- National property magazine advertising
- Local newspaper advertising
- Properties listed on RightMove and Zoopla.
In addition, the way we run our auctions as three day sales in Leeds, Manchester and London ensures that our subscriber base for all three locations see all the lots, widening the exposure of our lots and ensuring UK-wide coverage.
Can I set a minimum price for my property to sell?
When we undertake a free auction appraisal for your property, we will not only discuss our valuation of your property but also the minimum acceptable value you are willing to accept for your property. This is called a reserve and it is important to agree the likely figure in advance of entering your property into our auction. It is not in either of our interests to enter a property into auction which has a reserve price that is likely to make it difficult to sell.
We pride ourselves on being very robust in our advice to ensure that we only accept properties that are likely to sell. Once your property is entered into the auction, we will contact you a few days before the auction to discuss the level of interest we have seen in the property and then finally agree the minimum reserve price which ensures that we will not sell the property for below this figure on auction day.
How much is my property worth?
Our property auction surveyors are experts in knowing the auction market. We offer free auction appraisals where we can provide you with an expert view on the likely sale price for your property. This is provided free of charge with no obligation.