In order to fully understand how to sell a property successfully at auction, it’s vital to understand how exactly a property auction works.
Auctions usually open with a price that ascends as bidders bid against each other.
The purpose of auctions of all kinds is to sell goods quickly – whether they are cars, jewellery, antiques, farm animals or property.
At a property auction, the property will come under offer when the hammer goes down.
The winning bidder is required to put down at least a 10% deposit on the property just to secure the sale.
Property auctions require a very fast sale, with the full amount being transferred within a month.
Why sell your property at auction?
- Interested buyers will drive up the price so the property can be sold for more in some cases.
- Auctions attract a large variety of buyers: landlords and property developers for example.
- It guarantees a quick sale.
- You will receive the money for your sale within a month.
The property auction process:
- Auction application and appraisal
- Documentation and certification
- Marketing and advertising
- Reserving the price
How to successfully sell your home at auction
Homeowners, landlords and property developers will often wonder what they can do to sell their property successfully, quickly and for the highest possible auction price.
Here are some top tips that can help you:
1.Presentation is key
You need to present your property in the best possible way. This can be done through effective marketing and advertising, although do not rely on this.
Make some small interior changes and stage your home to attract potential buyers. More here.
Also, tidy up the outside of your home – add flowers or hanging baskets, tidy up the garden to make it as appealing outdoors as it is indoors.
Make the most of social media sites – you can show pictures, small videos, and keep maintaining a social media presence to spark and develop interest.
As well as the auction catalogue, using Facebook, Twitter and Instagram for example can help diversify your audience.
3. Seek professional advice
If your home has only one bathroom, or a limited number of bedrooms, then you may want to consider a small extension or renovation.
There is a number of funding options that can help you with your property development project. See more here.