If you haven’t used a property auction before, it can seem like a bit of a risky business, especially when the average selling time is so short (just 6 to 8 weeks at Open Door). Some vendors worry that they won’t be able to reject offers or hold out for the right price, and opt for a more traditional selling style instead.
Don’t worry – you’re never forced to sell at auction for less than you want!
This is because all vendors set a reserve price which is used to protect their interests. It is jointly agreed by the vendor and the auctioneer in writing, and is never shared with the public. It is against the law for an auctioneer to sell your property for less than this price, giving sellers both protection and peace of mind.
But how can auction get me the very best price?
Well, unlike traditional estate agency, auction actively promotes competitive bidding by using a guide price. This is the published “starting price” of the property and has to be within 10% of the vendor’s target sale price. It is designed to help a property “stand out” from the competition, increase viewings and – hopefully – lead to more offers. There is also no ceiling price, meaning that you can sell for much higher than your reserve price.
What’s Open Door’s track record like?
Since opening in 2012, our modern approach to auction has been very successful with over 525 property sales, many of which have sold at 10%, 15% or even 20% above the guide price. Our strategy has worked, and is working, for hundreds of sellers – so get in touch today if you’d like more information.
As always, you can also sign up for our Property Supertips emails using the sign-up box on the right-hand side of the page. Until next time!
