Why consider selling your property by auction?
When most people think about selling their property, the traditional estate agency route is usually the obvious choice. But for some properties, selling by auction can offer a different combination of speed, certainty and access to motivated buyers.
A property auction can be particularly effective for homes that may be harder to sell through the conventional market – perhaps because they require significant refurbishment, offer development or investment potential, are vacant, or need to be sold within a defined timescale. It can also be a useful option for properties being sold as part of a probate or estate sale.
Unlike a typical property sale, where an accepted offer is not legally binding until contracts are exchanged, a traditional auction creates a legally binding contract once the successful bid is accepted and the reserve has been met. This can give sellers greater certainty and a clearly defined route to exchange and completion.
What makes a property suitable for sale by auction?
There is no single type of auction property. At Haslams, each property is assessed individually to determine the most appropriate method of sale.
Recent Reading properties marketed through our online auction service demonstrate the variety. A three-bedroom Victorian terrace in Milman Road offers a significant refurbishment project, while a one-bedroom apartment at Belgravia Court on Bath Road requires some updating and could appeal to investors. A three-storey semi-detached house in St George’s Road is in generally good condition, but offers scope for further enhancement.
The common factor is that an auction can provide access to buyers who are specifically looking for these types of property, including investors, developers and buyers seeking renovation projects.
Expertise in property auctions in Reading
Selling a property at auction requires more than simply putting it into an auction catalogue. Accurate pricing, effective marketing and reaching the right buyers are all important in creating competitive bidding.
Haslams combines local Reading property knowledge with specialist auction expertise. Head of New Business Paul Hayhow has been with Haslams since 1995 and advises and manages online auction sales, helping vendors understand their options and identify properties that could benefit from an auction approach.
A recent example involved seven Victorian terraced homes on Highgrove Street, offered together through online auction. The properties attracted 75 bids and sold for £1.805 million, compared with a combined guide price of £1.375 million – £430,000 above guide.
This clearly demonstrated the potential of an auction format to generate competitive bidding when a property is correctly positioned and marketed to the right audience.
How does an online property auction work?
An online property auction follows a clearly defined process, with the property marketed to potential buyers before bidding takes place online. Buyers can review the property information, legal pack and auction terms before deciding whether to bid.
For sellers, the process can provide a structured route to a sale, with the successful bidder committed to proceed once the auction reaches a successful conclusion and the relevant conditions have been met.
The exact process and terms can vary depending on the auction method, so professional advice is important before deciding whether an auction is the right route.
Could an auction sale work for your property?
If you are considering selling a property in Reading and are unsure whether a traditional sale or property auction would be more appropriate, professional advice can help you weigh up the options.
At Haslams, we can assess your property, explain the different routes to market and advise whether an online property auction could help you achieve your objectives.
To discuss your property, call 0118 960 1000 or email sales@haslams.net
Frequently asked questions
What type of property is suitable for auction?
Auction can be suitable for a wide range of properties, including those requiring refurbishment, development opportunities, investment properties, vacant properties and some probate or estate sales. Each property should be assessed individually.
Is auction a good way to sell a property?
Auction can offer advantages such as a defined timescale, access to motivated buyers and greater certainty once a successful bid has met the relevant conditions. Whether it is the right approach depends on the property, the seller’s circumstances and the local market.
Can I sell my house online by auction?
Yes. Online property auctions allow buyers to view property details and participate in bidding remotely. The specific auction process and legal terms should be explained before the property is marketed.
Do I need an estate agent to sell a property at auction?
An experienced property professional can help assess whether auction is appropriate, prepare and market the property, and guide the seller through the auction process and associated requirements.