Many types of property will sell well at a traditional auction, often achieving higher sale prices than through estate agents. If your property matches any of the following descriptions, then auction will likely be right for you if it doesn’t or is of better quality, it could well be suitable for online auction.
+ Does it need refurbishment, can it be redeveloped or extended, or is there space for another home to be built? For such properties, there is a multitude of conversion specialists, small builders and clever developers who will compete to buy it.
+ Are there difficulties or issues with the property – is it unmortgageable, is there a short lease, neighbourhood difficulties, does it have an adverse history, or Japanese Knotweed, legal issues or have sales kept failing. Such stock is most regularly sold by auction and often it is better to make auction your first-choice route rather than have it exposed and fail through an estate agent.
+ Is your property tenanted or has it been rented out? If so and this is its likely future use, you will want investors fighting for it.
+ Similarly, if it’s land or mixed-use such as retail with flats above, then the proven route to market is by auction.
+ Maybe it is a vacant or an occupied commercial lot, or a property being sold as an investment? If so, auction becomes the normal choice.
+ If you are in a hurry, need a certain sale, or want to ensure a level playing field and full transparency? Many people do, and they choose auction for one or more of these reasons.