What to consider when choosing which auction room to sell through?
Asked on Jul 29 2013,
Selling in Beccles |
Things to consider:
• Does the auctioneer specialise in property? – Many auction rooms sell a range of assets from antiques and collectables to art and farm machinery with a bit of residential and commercial property. The advice is to seek out only auctioneers that specialise in residential, commercial, land and investment property sales as they will have the relevant knowledge, skills and experience to deliver successful sales.
• What is the sales success rate of the auctioneer and consider the volume of lots being sold. In the UK it should be expected that a successful auction room achieves in excess of 70%.
• Sell in the region the property is located – 95% of people buy property within a 13 mile radius of their home. Hunt out your regional auctioneer. This is because they know their community and the areas within it. Often local buyers pay more as they have a better understanding of the local market place and circumstantial evidence suggests they are willing to pay more in order to secure local properties.
• The ability to engage with relevant buyers quickly, efficiently and effectively is vital to attract auction buyers, so check out how the auctioneer promotes their auctions and markets property lots to would-be buyers, remembering the greater the marketing trawl the greater the bidding interest on the day of the auction.
• Check out where the auctioneers hold their auction – accessibility, parking and location of the venue should indicate the scale of the auctioneer's auctions. Clearly a small back room of a pub with room for 10 – 20 people is unlikely to achieve the sort of attention and audience accommodate within a major hotel conference room or football stadium.
• How many auctions does the auctioneer hold per year? The optimum number of auctions per year for a regional room is seven. This number ensures sellers to not have to wait undue time for an auction to occur.
Web reference: http://www.auctionhouse.uk.net
Answered on Jul 29 2013,
You should consider the following factors when choosing an auctioneer to sell your property:
- Reserve price
- Auction dates
- Success rates & reputation
- Property type
This article elaborates on the criteria for choosing an auctioneer, it's written about London property auctions but is also relevant to the rest of the UK.
Answered on Apr 7 2017,
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