Selling property at auction
Thinking of selling your property at auction? Whether you need to sell quickly or are attracted to the guaranteed nature of the transaction or the possibility of achieving over reserve price through competitive bidding, when choosing to sell at auction, you will understandably have many questions before making your decision.
When first approaching Knight Frank auctions for help, often after many months of waiting for their property to sell, many sellers are worried about achieving in excess of the reserved price, especially if they hope to free capital to purchase another property. Backed by leading property and research teams, and leveraged by the longevity of the Knight Frank brand, you can trust us to support you through the entire auction process - from setting a sensible reserve price which attracts buyers, to marketing your property to a varied and engaged audience.
Each year, our dedicated auction professionals help owners profit from a different route to market which gives them total control over the sales process.
Why choose Knight Frank Auctions?
We leave no stone unturned when it comes to marketing your property and tailor strategies to current climates. Backed by a network of nationwide residential offices and the strength of a trusted brand that has been bringing to market some of the world's best properties for over 130 years - we bring together investors from across the globe who, through leading software, can bid remotely via live-streamed property auctions.
From farms in rural Scotland, cottages in Cornwall to London mews houses, Knight Frank's dedicated auctioneers operate on a national level, as well as being local experts; this means exposure at every level of the market.
Supported by a network of offices, teams and property professionals, we leverage our database of local, national and international buyers that are ready to proceed with a legally binding sale as soon as the gavel falls.
Why sell property through auction?
Binding sale: All bidders are pre-registered to bid and upon the fall of the gavel contracts are immediately exchanged with a deposit. This giving you a secure method of sale and a committed buyer.
Speed of sale:Selling a property at auction usually take around eight weeks from start until completion which is much faster than the traditional method of waiting for suitable offers from prospective buyers. This allows you to purchase another property with confidence or to free up capital in much reduced timescales.
Achieving higher than expected prices: The competitive nature of the bidding process coupled with buyers having already a vested interest before bidding often results in fraught and emotive 'bidding wars' which may lead to higher sale prices for your property.
Attract a wider demographic of buyers: Buying property at auction will attract a wide range of buyers keen to purchase quickly and at guarantee - from future homes owners to investor, developers and corporates.
No property chains: Those bidding on your property will often purchase for investment purposes and are 'chain-free'. Fixed timescales and binding transactions give you a clear path to completion taking the stress out of the unknown.
Price certainty and peace of mind:The highest price bid at auction is the legally binding sum you will receive for your property. Even if there is work to do to your property or it needs 'doing up' - buyers are fully aware before they bid and cannot lower the price based on survey findings further down the line.
Benefits to landlords when selling at auction
Selling tenanted investments: Offering speed and certainty of sale, selling a rental property with tenants in-situ gives investors the confidence of a reliable rental income from day one, access to a tenant's rental history as well as removing the need to search for a suitable tenant. This will appeal to many buy-to-let investors bidding at auction, potentially driving excellent returns on investment.
What does ‘tenant in-situ’ mean?
Selling a property with a tenant in situ on an assured shorthold tenancy agreement means that, depending on the terms and conditions of the tenancy, the current rental agreement is kept in place and the tenant will continue to live in the property even when it has been acquired by a new landlord.
If you have any questions about selling you rental property as a tenanted investment at auction, please don't hesitate to get in touch.
What steps do I need to take to get the ball rolling?
If you are considering selling your property via auction, the first step is to contact us for an auction appraisal.
We will advise on the suitability and expected price that you could realistically achieve by choosing this route and whether it's right for you given your individual circumstances. If you decide to sell via auction we can begin marketing straight away and to set a date for forthcoming auction?
Selling property at auction - the process explained