UNDER THE HAMMER ARTICLE FOR 19.2.16
Today we launch our advertising campaign for our spring sale at the end of March and the auction department here in our Norwich office are delighted with the entries we have. Following on from our preliminary advertisement we already have a great deal of interest from buyers in the city and county.
We were able to sell 19 out of the 20 lots offered on the day, back in December and are proud of the 95% success rate from that sale, which raised some £1.5M worth of property and we are hopeful that we will be able to have similar success in March.
I am continually asked why auctions suit certain types of property and there is no easy answer, but it is fair to say that the following is true of any auction sale.
- Certainty of sale: clearly this is subject to the reserve price being obtained but if a vendor’s objectives are to achieve a sale then the auction process is a very good process in which to do so.
- Speed of transaction: again if your objectives are to sell, you can put a property on the market and have it sold within 6 weeks.
- Best price: you will find out what the market will dictate on the day, with no re-negotiation.
- Competitive bidding: if you get the guide price right and are able to create competition and you will certainly find that you are able to maximise value on the day. Auction properties suit a mix of lots including unmodernised properties, mixed residential and commercial investments, land with or without consent, garages, redevelopment opportunities, unmortgageable property and tenanted properties. Actually, anything will suit a sale subject to objectives and we are happy to provide advice as to the suitability of any lot for one of our sales.
For anyone with any enquiries about how the auction process works, please let us know. We hold four auctions a year and are always visiting properties and providing advice. Whilst realistic assessment is vital, it is the agent’s role to maximise value on the day.
We will now get on with the next 5 weeks of viewings in the hope that we are able to produce results for our clients at the end of March.
If you want to know more about this process let us know.