Auctioneers

The auction room is an exciting, fast-paced environment where the buying and selling of property takes place. A&R Property Auctioneers and Chartered Surveyors know exactly how to tailor a sales and marketing package to ensure that the highest possible sales price can be achieved when auction day arrives.

The auction room enables purchasers to secure a property that might not be available on the open market and sellers have the confidence of knowing that they have a number of potential buyers in the same place.

The most important thing for both buyers and sellers to do is to familiarise themselves with the auction process and what happens when they find themselves in the competitive and highly charged atmosphere of the auction room.

Before the auction starts, time is set aside for potential bidders to review any last minute changes to details and when the lot is announced, bidders go into action.

The lot will be described by the auctioneer and the bidding process begins. Bidding is an organised process and the auctioneer will only register a bid when a definite gesture is made or telephone bid is confirmed.

When a successful bid is confirmed, auction room staff will ask for forms to be filled in and 10% deposit to be paid along with the auctioneer’s commission fee. The balance of purchase monies must be paid within 28 days unless a 14 day completion period is stipulated by the seller before the auction.

Any successful purchaser pays a 1% (+VAT) buyers premium of the agreed purchase price.

Types of properties found at auction

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• Properties for Improvement
  In great demand from refurbishment specialists and private buyers, properties in need of updating make ideal auction lots, appealing to buy-to-let investors who retain them as part of a property portfolio.
• Tenanted Properties
  Residential houses and tenanted flats sell well at auction, particularly to other landlords who bid competitively. You won’t need to serve notice on your tenants and rental income is received until completion.
• Residential Investments
  Houses in multiple occupation and blocks of flats are regularly sold at auction as valuable investments since the rent level determines the sale price as much as the building itself.
• Repossessed Properties
  In great demand from refurbishment specialists and private buyers, properties in need of updating make ideal auction lots, appealing to buy-to-let investors who retain them as part of a property portfolio.
• Development Propositions
  Derelict or disused farm buildings and empty commercial premises with potential for conversion or change of use sell well at auction. A change to residential use or the potential for additional dwellings can significantly increase value.
• Building Land
  The best way to achieve the highest price for a building plot or development land parcel is to offer it for sale by auction. Builders can consult with architects and planners and be ready to bid to their maximum in the auction room.
• Mixed Use Properties
  Properties with twin uses or potential future uses are ideal for sale by auction. Retail shops with accommodation above or with scope for conversion appeal to investors and owner-occupiers.
• Commercial Investments
  In great demand from refurbishment specialists and private buyers, properties in need of updating make ideal auction lots, appealing to buy-to-let investors who retain them as part of a property portfolio.
• Unique Properties
  Retail shops, offices, industrial units, garage blocks and parking areas are increasingly seen at auction. Whether vacant or tenanted, large numbers of investors will consider all types of commercial investment and bid confidently.
• Amenity Land and Other Property
  Paddocks, meadows, fields, moorings, city, amenity land and other unusual land parcels often make it to auction. Any property or land that is surplus to requirements with a value is worth considering for disposal by auction.