At Northwood, we help a lot of people sell properties. Big properties, small properties, new properties or old properties, we’re here to help sellers find the best time, place and method to sell their property. Most of the time that’s through private buyers, facilitated by us as your friendly neighbourhood estate agent. But sometimes, a property might be better suited for other selling methods – like auctioning. But the term ‘auction’ often makes sellers feel nervous, perhaps because there are so many myths around selling properties this way. So today, we wanted to shine some light on these myths, and give you some more information about how this method could sell your house quickly, and for a great price.
1 – You Need To Find Time To Attend The Auction
One of the most common misconceptions about auctioning properties is that they all have to be sold at a live auction at a particular location. Films haven’t exactly helped this image. But thanks to modern technology, this isn’t true anymore. In fact, a lot of property auctions happen online, so you can watch the bids go up from the comfort of your living room with a cup of tea. But if you do want to have a live auction event, you absolutely can.
2 – Only Old, Tired Properties Are Sold At Auction
You might feel like only those old, dilapidated properties that are splitting at the seams get sold at auction. You know, the kind that end up on ‘Homes Under The Hammer’ so they can be turned into something respectable? Again, this one isn’t true. While those tired old properties are sold at auctions, they are far from the only ones. Properties selling at auction come in all sorts of shapes and sizes, including nice modern family homes. So no, not all auction properties are massive renovation projects!
3 – I Won’t Get As Much At Auction As I Would In A Private Sale
One of the biggest fears for sellers is that they won’t get as much for their property at auction as they would if they sold it privately. It’s the same reason people are afraid of listing an item on eBay at 99p starting bid – you worry that’s all you’ll get for it. But don’t panic! One of the systems in modern property auctions means that all properties are sold with an undisclosed minimum reserve price, which is agreed in advance with the seller. So your home will never sell for less than a price you’re happy with.
4 – My Home Won’t Sell Because No Buyers Will Look For A Property At Auction
True, there are some buyers who don’t look at properties for auction – usually because they don’t know that property auctions exist in the first place. And in fairness, it isn’t the common way to buy a house. But that doesn’t mean there aren’t plenty of people who do look at buying properties at auction. And besides – properties that are up for auction are marketed in exactly the same way as those selling directly. Your property will be advertised on Rightmove, Zoopla, on the Market and through our own networks, so your property stands as good a chance as the next one.
5 – Selling By Auction Will Be More Stressful And Expensive
A lot of people think that selling a house by auction will:
- Be stressful
- Take longer
- Cost more
Thankfully, all of these are not true. For one thing, selling at auction means you’re more likely to sell your house quickly with a fixed, realistic time frame, and a swift completion (since buyers need all their ducks in a row before they can bid at auction). Selling at auction also encourages competitive bidding and tends to drive up the price of your property, all while you stay at home and enjoy a cup of coffee and a slice of cake!
At Northwood, we are here to help you make the best decisions when it comes to selling your property. That means providing you with all the information you need to make an informed decision, and supporting you through the process if you need us. The team at Northwood are always happy to help, so if you want to know more, just get in touch with us today.
