Advice

Advice

  • 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

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
Work_with_us
Go Live

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 offers.
  • All vendor contact would be carried out by My Auction including reporting offers and feedback
Auction Day

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)