5 reasons to consider selling a property at auction

Thu 15 Sep 2016

Selling a property at auction is becoming more popular, as homeowners are increasingly attracted to the speed, simplicity and security of selling in this way.

Estate agents Leaders has noted a sharp rise in the number of sellers choosing to bring their home to the market via a local auction - and has recently referred a number of properties to its sister company Romans, which operates a specialist auctions department.

Kevin Shaw, national sales director at Leaders, says: “Property auctions offer a variety of benefits to sellers so it is no surprise to find they are busier than ever.

“People who choose to sell at auction can set a reserve price, so they know the minimum amount they will receive before their property goes under the hammer. They will also be in a position to achieve a quick sale that is guaranteed not to fall through at any stage.

“We are delighted to have been able to help more of our customers achieve their aims by putting them in touch with Romans’ team of auction experts.”

Kevin has highlighted five great reasons to sell a property at auction.

1) Speed

Once a property is sold at auction, a completion date will usually be set for 20 working days later. Sellers will have the funds in their bank account quicker than they typically would when selling in a traditional manner.

2) A guaranteed sale

As soon as the gavel falls, contracts are exchanged. All of the due diligence will have been completed by the buyer prior to this date. It means sellers can rest assured that the sale will not collapse.

3) Reaching the right audience

Comprehensive and extensive marketing of a property takes place in the days and weeks leading up to an auction, reaching as many potential buyers as possible.

4) Transparency at every stage

Sellers are aware of every offer at every stage of the process, as each bid is made in public. Sellers will also set a minimum reserve price, so there is no risk of a home being sold below market value.

5) The best price

Effective marketing is designed to generate maximum interest. By encouraging numerous interested parties to come forward, competitive bidding can develop and ensure the best possible price is achieved.

Simon Clayton, auctions director at Romans, explains: “While the final selling price is determined by buyers, sellers retain control of the reserve price, which is agreed in advance. This means every seller achieves their minimum aim, but most enjoy a significantly higher price once their property reaches the auction room.

“Auctions work particularly well for homeowners and investors who need a quick sale, executors who are required to settle an estate and those who want the security of a guaranteed sale.”

For more information on selling a property at an upcoming auction, please contact Romans’ auction team on 01344 988 728. The next Romans auction takes place on 26th October - to find out more about the properties being auctioned and to see the viewings times visit romans.co.uk/auctions.