 |
Paul Hayhow Head of New Business |
As Head of New Business at Haslams Estate Agents, I’ve seen firsthand how online auctions are providing an excellent alternative option for clients who want to ensure their property sells without delay, lengthy chains or the possibility of the buyer withdrawing at the last minute. It is also an option when the condition of the property may not fit the traditional marketing options and sellers require an uncomplicated transaction.
The benefits for sellers are undeniable, and the shift towards online platforms is only accelerating. This particular client came to us after using a traditional private treaty strategy via another agent who were unsuccessful in securing a buyer, and we recommended they try our online auction service.
The Property
This Victorian bay-fronted 3-bedroom house benefited from off-road parking and a sizeable rear garden, but was in need of considerable refurbishment and upgrading. Located on a popular road close to Cintra Park and local amenities, the town centre, hospital and university campus were also within close reach, and well served by local bus routes.
Our Approach
Following a recommendation by the vendor’s solicitors and after a consultation with us to discuss their requirements as the sellers wanted to benefit from a faster, more certain sale.
The Results
After an intense 21-day period of marketing the auction results speak for themselves, attracting 55 bids and 1,378 page views which led to a final sale price of £331,000 – 27% over the starting price of £260,000. Not only did the auction achieve a price well above expectations, but the sale was completed quickly and efficiently. By selling via online auction, the property reached a much wider audience, and the competitive bidding process helped boost the final sale price.
Unique Bids: 55
Page Views: 1,378
% Over Guide Price: 27.31%
The Benefits of Online Auctions
Speed: With no lengthy conveyancing process, once a buyer has been found you can benefit from a fast, more certain sale.
Certainty: With an instant exchange of contracts, you can have confidence and certainty that the sale will proceed and avoid buyers withdrawing or renegotiating.
Best Price: With open, transparent bidding that can only go upwards to a broader group of buyers, you can achieve the best possible price.
International Exposure: Bidders can bid from anywhere in the world. Plus with access to over 70,000 buyers on the auction database, this also helps to deliver the best exposure for your properties.
This case study reinforces the growing importance of online auctions in today’s property market and how sellers can benefit from modern solutions that maximise results while minimising effort.
If you’d like to find out more about whether auctioning your property online could be the right solution for you, I’d be happy to discuss it with you. Email paul.hayhow@haslams.net or call 0118 960 1003.