Why sell my piece of land, home or business premises through auction?
The most common question that we are asked by vendors is ‘Under what circumstances would I sell my piece of land, home or business premises through auction rather than by private treaty disposal?’ A good question and one that’s asked many times.
Our aim is always to achieve the highest price possible for our clients in a given market and within a defined timescale.
Where there is a perceived high demand for a particular type of property, or where the value of an asset is difficult to gauge or the vendor requires a quick and certain sale this is where a disposal by auction comes into its own.
Selling by auction is a fair and open process for the vendor and the buyer. For those properties in high demand, selling by auction avoids the less favourable practices of gazumping or a Dutch auction
Examples of typical auctionable properties are those that require renovation, sometimes building plots that are in high demand as there are so few of them, a piece of land located between two neighbours where both are interested, or indeed where the value of the property is difficult to assess because it is unique. Typically, it is an asset where we identify that there will be a large demand either because of what it is or because of the sales price.
Here is a list of examples where selling by online auction is often considered:
- Unique properties
- Vacant properties
- Tenanted properties
- Development opportunities
- Property is difficult to appraise
- Property has been on the market for a while and not selling via traditional marketing
- Property carries a lot of equity