Circumventing the traditional property market comes with its own range or positives and negatives, but within that, there’s plenty you can do to get the best possible experience from your auction sale. With the uncertainty nationally around the ongoing Brexit negotiations – or perhaps, the lack of – the property market has stagnated, so going through an alternate route has more than sense behind it at present. That said, here are some tips and warnings for how you can get the most back for your property, and maximise the ease of your sale via auction.
Do: Redecorate – Just as in a traditional sale, people will want to view the property before putting in a bid. Keeping up appearances may seem like an obvious tip, but its one that bears fruit as a fresh lick of paint, decluttering and adopting neutral tones throughout can go a long way. Patching up any running repairs is a good start, and ensuring that everything looks good to the eye will help convince those interested that putting in a bid might be in their best interest.
Don’t: Be unprepared – You need to do just as much preparation for an auction sale as you would if you were going through an estate agent. Know which solicitor you’re going for, compare legal fees and decide which company you’re going to let sell your house for you. Auction houses can differ on percentage and fees, but somewhere reputable and longstanding like Allsop would make an excellent choice.
Do: Research the market – Have a look at the properties on sale in a similar area to yours, and try to find out what the average price is on your street, too. Often times estate agents will have web pages still active for recently sold properties, so if you can find the last house that changed hands closest to you, you’ll have a better idea of market value, so you’re more likely to have a realistic asking price in mind, and won’t set your reserve too low.
Don’t: Set your reserve price too low – Speaking of your reserve, this is your safety net where bids are concerned. You don’t want to set it too high, as this may deter those who think they could get a better deal elsewhere, but you don’t want to have it so low that you run the risk of falling in to negative equity or making minimal profit as a result.