This has expanded the number of potential buyers drastically, increasing the sale prices. Secondly, properties sold via MMoA are open to mortgage buyers now too. In that respect, submitting a bid on an auction property is now no different to submitting an offer to an estate agent. ![]() Modern Auctions, on the other hand, run for 21-28 days and potential buyers can bid online or over the phone at any time. ![]() Many buyers found this intimidating and were put off from taking part. With “traditional” auctions, buyers have to attend a live auction event. The second major change is the introduction of the Modern Method of Auction (MMoA). This has helped shift auctions away from being a way to sell “cheap and fast”, to actually getting more competitive sale prices. More eyeballs means more buyers, more competition, and higher sale prices at auction. This means auction properties have as much marketing coverage as any other property being sold. Now though, auction properties are widely advertised on the major portals like Rightmove and Zoopla. Fewer buyers meant less competition, and ultimately a lower price. Before the online property portals, auction properties were marketed only in auction catalogues.īecause coverage was quite poor auctions attracted fewer buyers. Marketing has been a major factor this change. Although this pre-conception still exists today, things have actually changed a lot. Sellers would often take a major hit selling this way, and the buyers would grab a bargain. Ten or fifteen years ago, selling a house by auction was mostly about selling run-down houses to builders and property developers. Choose the right auction process: Traditional or Modern Method? The right auction process and best auctioneer will depend on the property you’re selling, its condition, and its location. A little bit of luck (unfortunately this one is inescapable!).The exact price a property ends up selling for at auction will depend on 3 key factors: There are still things a home seller can do to stack the odds in their favour though. Recommended: Which types of property are suitable for auction? (and which method of auction is the best fit for your property) ![]() You can have the property off your plate (and have your money out of it) quickly and easily. ![]() Īuction sales offer you a quicker and more certain sale compared with selling through an estate agent. For many sellers, the compromise is certainly worth it. However, as an auction seller you should expect to make a slight compromise on the price. Tips for Sellers: How to maximise your auction sale priceĪnyone selling a property wants to get the best price they can for it. Read on to learn how to maximise your sale price if you're selling, and try to minimise the price you pay if you're buying. The right process will stack the odds in your favour and make it more likely you’ll achieve a high price. For sellers, it’s important you choose the correct auction process and the right auctioneer for your property.For buyers, it’s crucial to do some in-depth research before the auction, and to set your limits.There are some important things a seller can do to improve their chance of getting a high price though, and steps a buyer can take to avoid overpaying: Free Valuation + Advice from leading auction house
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