3 reasons why right now is the perfect time to sell by auction!
- Thu 08 Jun 2023
With the property market being back to a steady and normal rate, pre-covid, the conditions are perfect for property, or land, to be sold through an auction format and here are three key reasons as to why;
- 1. Ensuring you achieve the best price: In order to obtain the best price for any property or parcel of land, the focus must be on gaining as many potential buyers interest in an agreed period of time. Naturally the property must be priced attractively enough to gain the buyers interest in the first place, and where this is the case auction lots are experiencing a huge level of interest. Many estate agencies have been promoting the success in selling properties, are they selling to the best buyer for the best price however? Agreeing a sale to the first buyer through their door doesn’t suggest that would be the case! By extensively marketing for 3-4 weeks through multiple marketing channels, there is far greater chance of securing the best price.
- 2. Getting buyers commitment quickly. Following the pandemic, many areas of the conveyancing process have seen delays in the time it is taken to reach an exchange of contracts and completion. The exchange is often seen as the crucial part as all parties are then legally bound to meet the terms of the contract and a financial commitment that would be costly to breach should the terms not be met. With all auction sales, we advise having a completed legal pack in place before marketing commences, so that potential buyers can see exactly what is being marketed and also pass the pack to any conveyancers to check over prior to bidding should they wish. Whilst this will cause to a delay in the initial marketing whilst the pack is being compiled, overall it is far quicker than having to run through the normal conveyancing process that on average lasts between 15-18 weeks depending on the technical nature of the sale, which is on top of the marketing period.
- 3. Tailoring around your personal needs. It has to be said that selling by auction isn’t for everyone and must match your personal situation, although there is greater opportunity to create a timeframe around selling by auction and leaves less chance for third parties to delay the transaction. At Bradleys, we discuss the options and alongside the seller, set the timeframe for each part of the process and agree how long the buyer is to achieve the stages within, which are then set out in the contract. For example, if you are aware the auction pack will take 4-5 weeks to produce, then you set a 4 week marketing period and a further 4 weeks to conclude the transaction after the winning bid the 12-13 week period from start to finish. It may be that you wish to provide a longer timescale for buyers to complete and so add a further 2 weeks to complete the sale, you can choose and together we will outline your required timescales.
So, what should you do now if you’re keen to find out more about selling by auction? Simply contact your local Bradleys office to arrange a market appraisal so that we can assess the proposed sale, advise on marketing prices, required compliance, timescales and answer any questions that you may have. Even if you’re thinking of waiting until later in the year, the sooner we get involved, the more we can plan your successful sale.
Bradleys Estate Agents have 30+ offices across Somerset, Devon and Cornwall all offering our auction service and a free, no obligation market appraisal service.