What are the steps to selling at auction?
1. Pick an estate agent that specialises in auctions
The first step to successfully selling is finding an auction house or an estate agent that specialises in auctions. A company like iamsold has a proven track record, having won multiple awards and currently stands as the largest residential auctioneer in the UK. This can make a big difference as you’ll want to work with someone who knows how to market a home for auction and will get as many people interested as possible. They can help you with every step.
2. Hire a property lawyer
This is a standard step in the property-purchase process. You’ll need a property lawyer who specialises in auctions to do the legal legwork. Often, a lot of the legal work is done before the deal is agreed so find a property lawyer who is efficient and swift.
3. Prepare your home for auction
The fun part! Get your home ready for photographs and the auction process. It’s worth having a clear out of the property – those finger paintings that your children created might make your heart soar with joy but, in photos, they just look like clutter. Consider rearranging the furniture to create a feeling of space.
4. Set a reservation price
You’ll need to fix a reserve price, as well as a guide price. The guide price is what buyers will see on your property listing and a property expert will be able to advise what this should be to encourage maximum interest for your property.
The reserve price is the lowest price you are willing to accept for your property. This may be kept secret, between you, your estate agent and the auctioneer. If offers are lower than the reserve price, the auctioneer can withdraw your property.
5. Get sold
Depending on the type of auction, you’ll either exchange contracts on the day or if it’s the modern method, then your buyer will pay a reservation fee. With a modern method auction, you don't have to exchange straight away, but buyers won’t want to pull out. They’d lose their reservation fee and would probably have to pay pretty high admin fees too.
This is when you’ll complete – and ownership will officially change hands.
Have you got a property to sell? Interested to see how much it may be worth at auction?
Here's the good bit - we can help. We offer a complete range of auction services and we don't take a sales fee until you're sold. So, come on. Let's get moving...
The first step is finding out what you could sell for. And that starts with a free valuation…