July Auction Newsletter
A word from our Sales Manager, Richard Webb
As we enter the second half of the year, it presents the perfect opportunity to reflect and understand what the first six months of 2023 have delivered thus far. What is evident, is the growing number of auction sales we have achieved for sellers who have previously experienced an open market fall-through. An increasing number of Partners are recognising that our facility is the perfect antidote for 'broken' sales and can offer a swift solution to get their clients not just under offer again quickly, but contracts also exchanged.
Last month, I, along with several colleagues, many dozens of property industry service providers, and almost fifteen hundred property professionals attended Propertymark One, in Wembley. It was a superb event, with an extremely positive vibe. Whilst speaking with many people on the day, I was both encouraged and impressed by the collaborative attitude many of the attendee's harbour. This is hopefully reflective of our mantra of recognising, ‘The best partnerships are always two-way relationships’. With this at the forefront of our minds we are continuing to invest in our resources so that we can support all of our valued Partners and help them offer the most rounded of auction facilities to their clients.
May we wish you well for H2 2023.
We always endeavour to constantly seek both ideas and feedback from any Partner - enquiries@pattinson.co.uk
An update from Martin Baker - Auction Manager, Midlands
With interest rates and the cost of living rising, one of the big questions around the property marketplace in these uncertain times is still, ‘Is it a good time to sell?’
Within the Midlands region, however, I continue to experience a lot positivity and a significant increase in property sales. Based on a very buoyant market place this time last year we have seen an increase of sales by 24% in the month of June 2023 and these sales have seen reserve prices reached and, in many cases, surpassed. The conversations I have daily with both buyers and sellers tend to be around sales falling through on the open market, the length of time it is taking for sales to complete, and also the dreaded situation of being involved in a chain.
Online auction/secure sale is becoming more appealing to buyers and sellers, including first-time buyers and mortgage buyers. This is all based around the fact that auction offers certainty, speed, and flexibility regarding completion timescales.
Long gone is the perception of auction just being run down properties that require major works. Only recently a property sold to a cash buyer for £730,000, and this was a new build property in an extremely sought after location.
It is true that some properties do require that major uplift however, sellers and buyers are putting their faith into auction because they want the security of knowing they have a guaranteed buyer, a guaranteed completion time and 99% of the time, no chain. With our fall through rate still less than 1%, who can argue with that statistic in uncertain and worrying times?
Update brought to you by Sarah Reeder - BDM South West
I often hear how challenging the market conditions are at the moment and many estate agents feel that they are fighting a constant battle. However, Pattinson Auction’s partner agents certainly pack a punch in a challenging market.
So let the battle commence!
Current Market Conditions - Vs - Pattinson Partner Agents (PA)
Round 1: Tackling Market Pressure
In these challenging market conditions, estate agents are feeling the squeeze on fees. Defending revenue has put you on the back foot, but you're not backing down. Instead, together we're changing tactics, using the strength of Pattinson Auction's secure sale facility. This move allows you to fight back and secure up to 2.5% commission per sale. Now, we've regained the edge, firmly back in the game as Partner Agents with Pattinson Auction. What a fantastic round for us!
Round 2: Still on Top
Pattinson Partner Agents, successfully stave off the pressures of the current market.
Time and again, our defenses prove strong, reaping the rewards before competitors have a chance to strike back. Your commission and pipeline are secured before they have time to level the score.
Round 3: The Knockout
Under continued market pressure, we strike a decisive blow. With Pattinson Auction, our average time from listing to exchange is just 40 days, far outpacing the weak average of four months or more that the market conditions can muster.
The fight is won, and there is a clear winner!
The Verdict: Pattinson Partner Agents - A Winning Partnership
Pattinson Auction is here to join forces with your agency with our award-winning auction platform, giving your agency new strengths to fight against the pitfalls of an uncertain market. Partnering with Pattinson you'll be armed with a secure sale route to market where the buyer makes a financial commitment, commission fees of up to 2.5% plus VAT per sale and quicker payouts.
And with properties exceeding their starting bids, even those priced over £1 million, it's clear that auction is a viable route for properties of all calibres.
We're more than ready to discuss how Pattinson Auction's winning formula can help you succeed in the market.
