Property auction can be an incredibly effective way to sell- but it isn’t right for every property.
At Hattons Estate Agents, we believe the method of sale should suit the individual property and the seller’s circumstances. For many homes, a traditional open-market sale will still provide the best opportunity to achieve the strongest price.
However, certain properties can benefit significantly from auction.
What Properties Can Work Well at Auction?
Auction can be particularly suitable for:
- Renovation projects
- Land and development opportunities
- Probate or inherited properties
- Investment and tenanted properties
- Unusual or difficult-to-value homes
- Properties requiring a cash purchaser
- Properties that have struggled on the traditional market
- Situations where several buyers are already showing genuine interest
The important factor is competition. Properties that appeal to developers, investors, builders or cash buyers can perform particularly well when several interested parties are encouraged to bid against each other.
What Are the Benefits?
Greater certainty- Auction provides a much more structured process, with successful buyers required to make a financial or legal commitment within defined timescales.
Competitive bidding- If several buyers want the property, auction creates an environment where they can compete, potentially driving the eventual selling price upwards.
A clearer timescale- Auction can offer sellers a much more defined route towards exchange and completion.
Reserve price protection- A reserve price can be agreed, meaning the property cannot be sold below the minimum figure agreed with the seller.
Our Tips for Selling at Auction
Price strategically. A sensible guide price is designed to generate interest and encourage multiple bidders rather than simply advertise at the highest possible figure.
Market it properly. Professional photography, floorplans, video, online exposure and viewings remain incredibly important. The more buyers interested before bidding begins, the better.
Prepare early. Having the appropriate legal information available allows interested buyers to carry out their checks before bidding.
Choose auction for the right reasons. A property failing to sell traditionally doesn’t automatically make it suitable for auction. Sometimes the asking price or marketing simply needs changing.
Is Auction Right for Your Property?
Possibly, but we’d want to assess the property first.
At Hattons, we won’t recommend auction simply because it’s available. If we believe a traditional sale gives you the best opportunity to maximise your price, that’s what we’ll recommend.
But for the right property, auction can create competition, provide greater certainty and deliver a much clearer route from For Sale to Sold.
If you’re considering selling in the Forest of Dean or surrounding areas, speak to Hattons. We’ll look at your property, your circumstances and help you decide whether traditional sale or auction is the right route for you.