Top 5 reasons to consider selling a property at auction

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

Daniel Gale, head of auctions at First For Auctions, says: “Property auctions offer a variety of benefits to sellers and now that all of our auctions are online too, 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.

“Holding our auctions online makes them accessible to people nationwide. We are delighted to be able to help more of our customers achieve their aims by helping them sell their property at auction.”

Daniel has highlighted five great reasons to consider selling property at auction.

1) Selling property at auction is quick

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 using a traditional method of sale.

2) Selling at auction guarantees sales

As soon as the bidding ends, the exchange of contracts occurs. 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. Our auctions all being online means that we now attract buyers nationwide who can easily view and bid on properties from wherever they may be at the time.

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) Sell property at auction and get 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.

Daniel 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 the First For Auctions team.