PUBLISHED: 05:44 16 March 2015
Rebecca Matthew, manager of Durrants Auction Rooms in Beccles, offers her guide to selling your property by auction.
The auction process is transparent, cost effective and, depending on the property, may well be the best way to achieve the maximum price.
Our dedicated team of estate agents and auctioneers are experienced in the sale of a wide variety of property in the form of residential, agricultural, commercial, mixed use and land and development sites. Our success rate for sale of properties by auction is 85pc (based on our sales from 2012-2014), which is one of the highest in the country, not to mention East Anglia.
We aim to generate interest from two or more prospective buyers, which encourages competitive bidding in the auction room on the day. Sometimes buyers can be so keen to acquire a property that they make an exceptional offer pre-auction. If we believe that such an offer is unlikely to be reached or surpassed we may recommend acceptance under auction conditions, with the condition that contracts must exchange before the advertised date of sale.
Property sale prices are often exceeded at auction, and this is regularly ahead of the price which may have been achieved by a Private Treaty sale. Achieving this “best price” is particularly important for probate properties where executors may be subject to scrutiny by beneficiaries.
It is a common misconception that national/regional firms of auctioneers will achieve higher results at sale than local firms. In practice, local knowledge of the market results in better targeting of mail-outs and advertising to reach the most bidders, which results in better prices being achieved for our clients.
Speed – There is no faster way of selling your property. From only four weeks from instructing Durrants your property could have exchanged contracts on sale day, resulting in banking the sale proceeds within 10 weeks from putting your property on the market.
Success Rate – By placing your property for auction with Durrants, you could benefit from one of the highest success rates in the country. If certainty of sale is important to you, then you should seriously consider sale by auction.
Style – Our high profile marketing style is extremely effective, with regular adverts going into a wide range of local press and targeted mailing out of catalogues to regional and national buyers. We also use a wide range of websites to advertise our auction properties. Viewings are done entirely by us, and are either arranged in blocks to accommodate multiple viewers or are done on an individual basis – it is entirely dependent on the type and requirements of the property.
Certainty of Sale – With an auction sale, contracts are exchanged upon the fall of the hammer. No re-negotiation on price.
Live Bidding – We have teamed up with I-bidder.com to offer all our auction properties for sale via their live bidding platform. Not only does this facilitate bidding from anywhere in the world, but it also offers further opportunities to target potential buyers due to the huge subscriber database from which Durrants clients benefit.
Types of property suitable for auction
Properties requiring improvement
Development sites and building land
Mixed use properties
Bespoke auction package
As well as numerous collective auctions held during the year, we also offer a completely bespoke package for your property ranging from a one-off, on site, live auction to a purely internet based auction.