Estate Agents
You’ll sometimes come across properties and vendors that might find selling by auction an appealing alternative to the traditional private treaty route.
Reach out to My Auction, and we’ll gladly supply you with a no-obligation pricing report to share with your vendor.
If there’s interest in exploring auctions further, you can introduce your vendor to My Auction and we will provide insights on suitability, estimated reserve price, and the timeline but rest assured, it would be a collaborative effort where we both work together for the best interests of your client.
Going Live
The property will be introduced with a lower starting price to encourage a heightened number of viewings before the auction.
You’ll conduct viewings leading up to the auction, gathering feedback from viewers.
Just as you would with any new instruction, you’ll market the property to your mailing list and if anyone expresses interest in making pre-auction offers or a desire to bid in the auction, you would simply liaise with us so that they are fully aware of the legal pack, any special conditions or additional costs attached to the pack as well as understand the bidding process – again, our role here is a supportive one to ensure the client gets the best price and a guaranteed exchange of contracts.
Auction Day
In the days leading up to the auction, ensure that all interested parties have been shared with My Auction. You’ll have the opportunity to observe the bidding online from your office.
If the reserve price is met or exceeded, contracts will be exchanged immediately.
The buyer will submit a 10% non-refundable deposit, and the remaining balance will be settled upon completion which is typically 28 days later (this can be extended to suit the buyer or sellers timescales).
Additionally, the buyer will cover a buyer’s premium which is our fee and is typically 1.25%+VAT of the sale price with a minimum of £3,000+VAT
Good to Know
Please don’t think of auctions as properties that can’t be sold on the open market – think of it as a marketplace full of cash buyers all looking for specific types of properties and should you have a client with one of those properties, auction could be the best method of sale for them as we’re likely to have a higher percentage of suitable buyers than many estate agents’ mailing lists who I know will have a much wider range of buyers who want far more specific types of properties – as long as there is value to be added to a property, we’ll have a cash buyer for it and you’ll get paid the same – if not more – commission than private treaty but in less time, doing less work and with more security as we have a less than 1% fall through rate.
If a suitable offer comes in before the auction and the vendor accepts, provided the Legal Pack is ready, contracts can be exchanged before the auction, and our terms and conditions will still apply.
Get in Touch
If you come across properties or vendors considering an alternative to the traditional sales approach, please reach out to us.
Our team is here to assist, providing insights, transparent processes, and a dedicated platform tailored for auction sales.
Give us a call on 0207 101 4868 or email us at info@my-auction.co.uk with any enquiries or potential auction lots.
