We recently attended a course by Asset Academy on buying and selling at Auction Houses. This was a fascinating course with input from Ben Temple and his father David Temple plus a host of other guests including the great Martin Roberts of Homes Under The Hammer fame. The focus was the online sale run by Barnard Marcus and how Covid has changed the whole process of buying and selling at Auction Houses.
Martin Roberts is a wonderfully relaxed presenter as you would expect gave us a series of rather amusing horror stories of people who had bought at auction and suffered greatly because they had not looked properly at what they were investing their hard cash in. He also gave us some very positive stories where people had done their research and profited greatly from their purchase. One thing they all had in common were the risks involved if things did not go their way.
Sadly Chris Glenn of Barnard Marcus was unable to make the Zoom meeting after the auction but we were very fortunate to have Bryan Baxter of Auction House UK give us a couple of hours of his time and discuss the benefits and risks of buying and selling at auction. Bryan informed us that post Covid all auction houses had to embrace technology and start selling on-line. This presented a challenge as the job of the Auctioneer is to ‘run’ up the price of the lot so as to maximise the return of their customer, the vendor. This is an ongoing challenge for the auction houses, some have kept the auctioneer announcing price changes to the watchers whereas some have removed that element altogether and gone to an eBay style format. Time will tell which is the most successful, one fact is they are saving a fortune on renting rooms for people to attend a live auction.
The Auction Houses sell roughly 80% of the properties in their catalogues which presents a challenge for the other 20%. The benefit is that contracts are exchanged when the hammer goes down and completion is usually in 28 days or so.
For many the Auction is a last chance saloon, the vendor now needs to establish why the property has not sold, with the cold reality being one of price. No-one will pay more than something is worth which is why we at Sell My House Quickly Newark will always offer a fair price and fast completion so taking away that uncertainty.
So, if you find yourself in need of a quick sale please contact us at Sell My House Quickly Newark and we will be on the case straight away.