The Benefits of Using Auctions to Sell Property

Posted by 247 Property Auctions on 9th February 2022 -

I originally launched my weekly online property auction business, 247 Property Auctions, to make property auctions more accessible. It was pre pandemic, so I didn’t know at that point that the ballroom style auction was about to come to an abrupt pause. 

Providing the modern online auction format means there is no need for sellers to wait for a set date, Lots can be sold any time and any day of the week. A wider audience can be reached and there is no requirement for buyers to travel to a location to bid. 

Whilst auction, as a means to sell property, items, art, animals or land has been part of our history for many generations – sellers can still be reluctant to use it as a method of sale. There’s still an element of the unknown for many people more used to going down the traditional sales route to sell their home or land. Reports show that from UK total house sales only a small percentage are sold via auction. 

The great news is the popularity and knowledge around online property auctions is increasing and as a means of sale or purchase it is a method that is seeing growth. I may be biased, but I can tell you there are many benefits to selling a property via auction. If it’s the right type of property you could see yourself acquiring a sales price much higher than the guide price. The time between listing and exchange (depending on the type of auction) can be as little as 3 weeks, meaning that once the virtual gavel has fallen deposits must be paid and a secure and speedy process is underway. 

As a purchaser, particularly if you are investing in a property to renovate, you have the benefit of getting your hands on the keys more quickly and getting ready to start works or move in. Legal documents and survey details are provided up front and viewed before the auction, so it makes for a swifter process. 

Many people have questions regarding the auction process which I am always happy to answer.