How Should I Choose Which Auction House to Use?

Once you have decided that you are selling your property at an auction, the next thing to decide is which one. Different auctions offer different services and different types of properties for sale, so you shouldn’t assume that all are the same.

If the bidders are serious about buying a property auction they will have done their homework and know what they are looking for, so it is important that you do yours as well.

Where To Find An Auction

Information on property auctions can be obtained from a wide range of sources; the yellow pages, local estate agents and the internet are the best places to look for information about auctions. Local estate agents are the most knowledgeable when it comes to knowing what is happening where, but be careful as they might try and only sell you their own auction as they may get commission from the properties that are sold.

If you have time you should start researching a couple of months before the auction to see what is on offer. But don’t worry, if time is short you can book a property in to an auction just a few weeks before.

Location of The Auction

The closer your auction house to the property you are trying to sell, the better. If you are trying to sell a property in Manchester it is unlikely that it will be as well received in London as it would in Manchester. The closer your property to the auction house the more likely it is that potential bidders will have the chance to visit and examine it.

This doesn’t mean however that you should base your decision on location alone, but you should try and stick within a 30 mile radius of your property if possible.

The location of the auction house can also tell you a lot about the type of client it is likely to attract. If you are trying to sell a high net worth property then an auction in a more run-down part of town might not be the best place. It can however be tricky to tell as property auctions tend to occur in a number of different settings, but your intuition should give you a good idea.

It could be that you would prefer to do your selling online in an online auction. Online auctions will normally have nationwide coverage, but they may have separate bidding days or times for properties in different areas, so it is worth researching this.

Demand

Before you commit your property to an auction go and visit the auction. An auction house might be in the best location and offer the best services, but if it can’t attract bidders it could ruin your chances of selling your property. A good auction house will be full to the brim and have people standing at the back.

If you feel the auction house is a little on the quiet side, try and find some regulars and ask them what the auction is normally like and how busy it gets. You have a better chance of reaching you asking price if the auction house is busy.

Type Of Property

The properties on sale at an auction vary, one minute there could be a £1m home going under the hammer and the next a £90,000 property. There are however different trends at auction houses and by picking up a programme from a previous auction you can tell what kind of properties are normally up for sale.

If your property is worth £1m or over £500,000, there could be a number of specialist auctions in your area which will only cater for high end properties. Likewise if you are trying to sell a run-down one-bedroom flat there will also be certain auctions that will be able to show your property with similar ones.

Services

The best auction houses will also offer a number of other services as well as the auction itself. It is common to find stands outside an auction offering mortgages, loans and legal services.

These extra services are all designed to help the bidder pay for the property, if they haven’t thought about how they are going to do that before attending. Although these added services are not vital at an auction they can help make the process a lot smoother for those involved and if the vendors are at an auction it is normally a good sign as they expect there to be good demand.

Finding the right auction can mean the difference between your selling your property or it going for a lower price than you wanted. It’s important that you give your property the best possible start by visiting the auction and making sure it is for you.