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Things to Consider Before Hiring an Auction Provider

 
05/03/2021

When most people think of property auctions, they think of the sales of old farms, foreclosed homes and fixer-uppers. However, auctions have become more increasingly popular in more urban and suburban areas. The increase in property auctions is because sellers are looking for the quickest way to sell their properties and still obtain the highest value possible for them. 

What is an Auction Provider's Role?

An auction provider is the sole agent involved in selling your property if you have chosen to sell it at auction. They are involved with every step of selling your home, from the initial marketing to signing the final contract. The method of selling differs from standard real estate agencies but the responsibilities of an auction provider are similar to those of a real estate agent.

What is the Process of Working With an Auction Provider?

  1. Initial Assessment - Similar to a real estate agent, an auction provider will measure, inspect and assess your property in order to prepare and market its sale.

  2. Create a Report - Based on their findings, an auction provider will prepare an accurate report of the property. This report is distributed to potential buyers so they can review the property's specific details.

  3. Valuation - A valuation is then performed in order to help the seller choose a likely price point that they will be able to achieve.
  4. Marketing - Once all of the correct information about your property is gathered, an auction provider will go to work advertising and marketing your property auction. The goal is to get your property auction seen by as many potential buyers as possible.
  5. Live Auction - Finally, a live auction is run by the auction provider. They will manage the bidding process and keep the atmosphere lively in order to achieve the required target. In some cases, they are able to reach a higher price, benefiting the seller immensely.

Benefits of Hiring an Auction Provider to Sell Your Property

You are in control. With auctions, the property is sold as-is and there are no contingencies involved. This means that the seller sets the terms, not the buyer. Therefore, there are no negotiations, home inspections or testing so the sale goes quickly.

 

There's no need to stage your property to sell. While a seller will need to provide a property disclosure form, there is no need to make cosmetic or structural changes to the property before it sells. If there are any changes that need to be made, the auction providers make it clear that those tasks are up to the buyer.

 

When you hire an auction provider, you will work with them to set the price of your property. As a seller, you set the lowest bid you'll accept and the auction provider handles the rest! Sellers have the right to refuse the bid and will ultimately make the decision for the final sale.

 

Usually, selling your property through an auction provider has a quick turnaround time. Though timelines can vary, an auction provider can usually promote and auction off your property within approximately thirty days from signing the contract. 

Contact Our Auction Providers Today to Discuss Your Needs!

Regardless of your specific needs, rely on the auction providers at Everest Estates. We have proudly provided service to clients throughout East London, Essex and the surrounding areas for over twenty years. Our knowledge and experience allows us to look after all aspects of your property needs, helping you find a solution in a professional and timely manner. Contact us today to get answers to any of your questions and to get started on the auction process!

 
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