Buying or selling properties can be an incredibly stressful process.

However, when it comes to auctions, you can multiply the stress a thousandfold. Once you’ve started bidding, it can feel like a rollercoaster that you just want to get off – but can’t.

For sellers, it can be even worse.

So why do property owners sell their properties by auction?

There are many reasons. Some are forced into auctioning their property by a financial institution and simply have to take what they can get.

But it’s not all doom and gloom.

Consider these factors:

  • Auction houses can expose your property to a large number of buyers.
  • Commissions are usually lower than that of estate agents.
  • Auction houses offer buyers instant access to the property information.
  • A quick sale reduces the time on the market.
  • Auctions tend to accelerate the sale, as all the inspections are done before the property goes up for sale.
  • Properties are sold ‘as is’ and there is less haggling about renovations and fixes.
  • Auctions require potential buyers to be pre-qualified, which eliminates time wasters.
  • The seller is in control of the sale, and can set the conditions.
  • Auctions create an urgency to buy, and competition among buyers.
  • The auction price can often exceed the price of a negotiated sale.

When you consider these factors, it becomes clear why an auction may be the way to go when selling property.

However, there is always the risk that the property may go up on a slow day or there may be a greater number of competing properties. These, and other factors, can impact the final sale price of your property.

If that is your concern, then it would be wise to talk to a professional property valuator who can guide you on a sensible auction reserve. A fine balance needs to be found between grabbing the interest of potential buyers and making sure you get a fair price for your property.

Remember, at the fall of the hammer the deal is done.

If you need assistance with an accurate valuation of your property, then you’re in the right place. Call one of our specialised team on 0860 999 440 or find out more at