Posted on 27th September 2019 by Jordan Holmes
Is the balance shifting?
It’s estimated that only 15-25% of UK Estate Agents offer auction services to their clients.
However, property auctions are becoming increasingly popular with buyers and sellers alike, providing an increasingly-viable alternative to the traditional, private treaty model.
When considering the frustration and emotional exhaustion often experienced in a private treaty sales process, as well as the average 30% fall through rate, the benefits of auction are clear. By comparison, the Modern Method of Auction is designed to maximise the chances of completion, with a 95% success rate and completion time frame within 56 days.
These figures are a powerful draw to sellers who have experienced the disappointment of a sale falling through. The speed of the Modern Method of Auction, reassurance of fixed timescales and the high level of security can be attractive to both sellers and buyers.
Increased value means increased revenues.
An attractive starting price coupled with increased exposure, interest and viewings will help auction properties achieve a fair market value by using transparent competitive bidding to drive up the price.
This maximises your fee revenue at a time of increased pressure in a competitive market. Whilst it will likely take time to change consumer perceptions and educate your customers, a modern approach to auction is the alternative option consumers are looking for, and it’s what will help you achieve a valuable competitive advantage.
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