Bidding at auction can, at first, be quite daunting. The fear of missing out on a great property, the competitive nature of the process, and the seriousness of a contractual obligation once the hammer falls can prove to be a bit overwhelming for auction new-comers. So, what are the ways of property bidding in the UK and what are the best practices for doing so?
One of the most common ways to bid at auction is to do so in person. This involves researching and/or viewing properties prior to the auction, attending the auction and picking up a catalogue of lots while you’re there to raise when you bid. At Real Auction, we host a number of in-person auctions across the country, and members of our team are always on hand to assist bidders in the process of bidding at auction in person.
Bidding by proxy is a great way to bid at an auction if you cannot be there yourself in person. This involves completing a Proxy Bid Form, authorising Real Auction to submit bids on your part up to a defined maximum amount. When you bid by proxy you are unable to control the increments in which you increase your bid gradually, but the auctioneer will act in your best interests to try to secure the property at the best price for you.
Another method of property bidding that doesn’t involve visiting the auction in person is telephone bidding. This means that you’ll need to be available at the time of the auction, but don’t need to physically be there. You have more control over your bids, and will be able to hear the auctioneer throughout the auction.
Online auctions are increasing in popularity because of the ease and accessibility to everyone. The auctioneer will take bids from both an online platform and the bidders in the room. The same identification and forms are required as with all methods of bidding, but the bidder has more freedom to bid from anywhere in the world.
One of the best ways to make the most of a property auction experience is to do your research beforehand. This means making sure you always view properties before bidding, at least once if not more! It’s a good idea to get a survey done and organise a visit from your contractor if a lot of work needs doing.
This is often easier to say than put into practice, but it is crucial to avoiding key mistakes in property bidding. Set a maximum bid and do not go above it! Keep the emotions of the day at bay to avoid bidding beyond your means.
Ensure that you have a good property solicitor on your team to read through the legal pack provided before you begin bidding. A solicitor should be able read through all the legal documents you are provided with, and should be able to act quickly if you are successful in securing the property.
Real Auction makes buying a property simple, transparent, and efficient with no hidden surprises. Whether you are seeking a new home, investment project, commercial property, or land we have thousands of options to choose from. Our platform facilitates the entire buying process from online viewings to bidding and buying. You can search for future property auctions on our website or by contacting our team.