You would identify a property/vendor that might benefit from exploring selling by auction as an alternative to private treaty
Speak with My Auction and we will provide you with a free, no obligation pricing report to pass on to your vendor
If the vendor is interested in discussing auctions further, make the introduction to My Auction and we’ll advise on suitability, timescales and estimated reserve price
Instruction
Once the vendor is happy with our advice, they will sign our Sole Selling Rights Agreement
This supersedes all other agency contracts so if a property is on with multiple agents, this is a good way of getting your competitors dis-instructed
You would continue to list the property as normal and My Auction would also list it on a specialist auction site to attract certain types of buyers
The commission that has already been agreed between you and the vendor will not change if they go into auction. You will receive 100% of this commission
Go Live
The property would go live with a lower starting price to encourage a higher volume of viewings for the vendor prior to the auction
You would carry out 1-2 open house viewings each week on the run up to the auction and collect feedback from each viewer
Call out the property to your mailing as you would any other new instruction
Training would be provided by MyAuction and any
legal enquiries would be passed to MyAuction as
would pre-auction o ffers.
All vendor contact would be carried out by My Auction including reporting offers and feedback
Auction Day
On the run up to the auction day, ensure all interested parties have been passed to My Auction
You would be able to watch the bidding online in your office
If the reserve is met or exceeded, contracts will exchange there and then
The buyer would then pay a 5% non-refundable deposit with the remaining 95% payable on completion
The buyer would also pay a buyer’s premium of 1%+VAT (minimum of £2,000+VAT)
