Should you Auction your Property?

• Auction, or through
• Private Treaty.

Submitting your property for Auction means that prospective buyers will bid against one another at a date and time set by you. Auctions are generally performed on the site of the property that is for sale.

The main advantage of Auctions is that a firm price does not need to be set. This open-ended situation provides an opportunity of the price to exceed expectations. Auctions are likely to be more effective if the property is superior in quality to other properties in the area or if the property market is buoyant (i.e. experiencing a 'boom' time).

If you are considering an auction sale, you should appoint an agent. The agent will either carry out the auction personally or obtain an auctioneer to conduct the proceedings.

The agent will also be responsible for ensuring the marketing and promotion of the property has been conducted efficiently and all inspections performed prior to the auction. These acts should help to ensure several genuine bidders attend the auction.

Prior to auction you need to establish your reserve price – the minimum you will accept for the property. Click here for advice on how to do this.

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Private Treaty

Private Treaty is the term used when you set the price at which your house will be marketed to the public.

As discussed in Appoint an Agent, your agent will develop a marketing plan for promoting your house. This plan should be agreed to by you and will set out the strategies your agent will employ to sell your property, e.g. signs, newspaper advertisements, Internet listing. Your agent will also be able to provide advice on preparing the house.

The next step is to calculate the price you wish to sell your property for.

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