Choosing an Auction House
The first step to listing your auction property for sale is to choose an auction house. Different auction houses will operate slightly differently, and will have a different reach for potential buyers.
Some of the features of an auction house that may be important to you include the number of online and offline auctions they conduct, the notoriety of the company among buyers, and their expertise on residential and commercial property sale.
Most auction houses will give you a property valuation and will advise on whether your property is suitable for sale by auction. A good auction house will also set your expectations for the guide price of the property.
At Real Auction, we make the process as simple as we can for the buyer. Read on to find out how to list your auction property for sale with us.
Gather Information and Create an Account
The next step is to gather information about the auction house you have chosen, and about your property so that the auction house has all the necessary materials to sell your property. Most auction houses want exclusivity; they want to be the only one marketing and selling the property in order to avoid miscommunications and conflicts of interest.
If you choose to sell your property through Real Auction, you’ll need to create an online account with us so we can start finding buyers for your property. Submit some details about your property, and we’ll get in touch to provide you with some information about the process.
Get Your Paperwork Together
Once you’ve decided on an auction house and have all the information you need, it’s time to gather the appropriate paperwork. Real Auction can work with your solicitor to ensure that all the appropriate legal documents are drafted and ready to go ahead of auction day. The legal pack may form part of the marketing materials so that prospective buyers have all the information they need ahead of auction day.
You’ll need to make sure you have a valid EPC (Energy Performance Certificate) and any other reports that your auction house requires.
Let the Marketing Commence!
With most of the paperwork out of the way, the marketing can begin! Real Auction will take professional photos of your property to show it in its best light. We’ll advertise your property on our own website, on social media and on various other platforms such as Rightmove and Zoopla. We also send out the auction property for sale to our database of buyers, and will advertise it in local newspapers and publications.
Properties for sale at one of our auctions will be advertised to our nationwide network of auction houses, ensuring that your property reaches a wide range of potential buyers.
Open Houses
A large number of prospective buyers often means lots of viewings. To minimise disruption to you, we prefer to organise open houses, where those wanting to view can come on the same day to take a look at the auction property for sale. Don’t worry about having to field questions about the auction, a member of the Real Auction team will be present to take questions.
Open houses allow us to gauge what the interest in the property is like, and this leads on to the next step of the process: setting a reserve price.
Set a Reserve Price
Before auction day, we’ll advise you on a suitable reserve price for the property. This is the minimum possible price that you are prepared to sell the property for, and it is designed to prevent the property selling for less that its worth.
Unlike bids put forward by potential buyers, the reserve price is kept confidential.
Auction Day
One of the huge benefits to sellers of selling through an auction house is the efficiency of the process. The auctioneer will describe the lots prior to the bidding commencing, and as soon as the hammer falls the buyer is obligated to buy. The contracts are exchanged and the buyer will pay a deposit then and there.
Completion
The completion date usually occurs within 28 days of the auction, so you can be sure of when the funds will hit your bank account. Real Auction can assist your solicitors while they handle the ins and outs of the sale.
The only thing you will need to do ahead of the completion day is ensure the property is empty (unless you are selling it with tenants in situ), and have a set of keys ready to hand over.
Ready to get started? Create an account and submit some details about your auction property for sale and a member of the Real Auction team will be in touch to talk you through the process.
