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 Whether you’re looking for an online property auction or you’re searching for property auctions online, the internet abounds with plenty of information and properties for sale.
Even if you’re an internet novice, it’s easy to find property auctions online. All good auctioneers advertise to some extent on the internet, whether it’s publishing their entire catalogue or advertising upcoming property auctions. Even better than looking up individual auctioneers is to use a website which includes a database of all the major auctioneers in the country (and those representing portfolios abroad too).
So, to online property auctions. Online auctions are well known, just think of the virtual giant, Ebay. While there aren’t too many properties sold on Ebay, there are online property auction sites that work in the same way in that bidders bid online and whoever has the highest bid at the time of the auction closing wins the property (although ‘win’ is a misleading term because they still have to pay for it of course). Online property auctions usually take place over a shorter period of time, typically within one day (starting early and finishing late in the evening).
Potential buyers can still look around the property prior to the auction. Online auctions are advertised in advance, like any other property auction. This is an advantage for buyers and sellers. For buyers, obviously it’s better to see the property for yourself and for sellers it means you can be more confident that the people bidding will value your property for its true worth. This is why it is so important to have your property looking at its very best because that makes it far more appealing to buyers.
When selling your property through an online auction you will either pay a one-off fee to the auctioneer, or a percentage of the selling price (as with a traditional property auction). The former is a great advantage for sellers because it’s a fixed amount which means you’ll know how much you pay before your property is sold which could help you when setting a reserve price. Also, if you consider that auctioneers’ commission is usually in the region of 2.5% and 3%, this is probably going to be far more than the few hundred pounds an online auction will charge.
Property auctions online are very new compared to traditional property auctions, and for that reason selling through a traditional auction could mean you property is exposed to more potential buyers. Having said that, both types of auction can be successful, and less successful – you’ll only know on the day!