Sellers Frequently Asked Questions
Saturday, March 27, 2010
Q. Why auction?
A. Three reasons: Maximum price, speed and security.
Q. If the buyer has to pay a fee, will I get full price for my property.
A Yes. Selling at auction always means you will get the true value of any property. Yes the buyer is paying your fees but that does NOT mean you will get less for your property, you are saving a sales fee.
Q. How much is it?
A. It’s FREE! No charge for entry, no sales fee, no hidden costs. Absolutely FREE
Q. If it’s free, how do you pay for promotions and advertising?
A. The Buyer’s Premium. Buyer’s are charged a 5% fee that covers all our costs.
Q. What type of properties are sold at auction?
A. Everything and Anything. We have sold family detached houses, penthouse apartments, commercial units, businesses, new build properties on behalf of builders, plots of land etc.
Q. Can I control what my property sells for?
A. Yes, you have complete control of the reserve price.
Q.Who buys at auction?
A. Everyone and anyone can especially with our innovative Conditional auction. This has been devised to aim specically at the residential buyers so you don’t aim solely for cash buyers. You do not exclude any buyer who is in a proceedable position
Q. If I only have one property can I have free entry?
A. Yes.
Q. Is the buyer committed to buy once a bid is accepted?
A. Yes. Once accepted, a deposit is taken.
Q. What about conversion rate (ie. What is the probability of selling?)
A. You can NEVER under sell at auction. The trick is setting an aggressive start big to generate multiple viewings over a set time span. Then, at auction, purchasers bid against each other by proxy, phone, or internet.
Q. Why do people sell at auction?
A. Because of job relocation, emigration, matrimonial strife, death, outgrown the house, or simple frustration with ‘normal’ estate agents. Sellinga t auction maximises your price, offers sped and security. Anyone and everyone can sell at auction.
Q. Who are your clients?
A. Anyone who wants to reach the largest audience in the shortest time to achieve best price. Vacant property rates make commercial property a significant source of business now.
Q. How is price determined?
A. By agreement with the seller, a reserve is set which can be reduced only with their agreement.
Q. How many buyers do you currently have?
A. Over 17,000.
Q. How do you arrange viewings?
A. We will make arrangements with local agents for access, as every property and vendor is different and should be treated as such.
Q. How will you advertise?
A. We intend to use PR as much as advertising. We work in partnership with selected publications that carry press releases about us and our properties, and we also advertise with them. We do not waste money on needless confetti announcements, preferring to target specific key opinion influencers and send them relevant information, over the internet and by catalogue.
Q. Is there a cooling off period from marketing the property?
A. No - when you sign the agreement you agree to us marketing the property straight away.
Q. How do I proceed?
A. Email auctions@pattinson.co.uk or call 0845 1461582.