July Auction Newsletter
Richard Webb – National Sales Manager
Welcome to your monthly auction newsletter brought to you by Pattinson Auction.
Whilst the weather this summer may be a washout, the same cannot be said for the estate agency events we have been attending. Mid-June saw us attend the Propertymark One event at the London Excel.
A truly exceptional and inspiring day, as hundreds of agents came together to listen to knowledgeable speakers, and visit the many supplier stands on parade. We met many of our existing Partners along with many agents who sought to understand what made us different from their current auction supplier. And then there were others who were extremely keen to understand how our auction service can add value to their business.
Toward the end of June, we were also fortunate to be part of the ‘EA Masters - Dare to Win,’ roadshow, where we attended the four venues in Glasgow, Manchester, Bristol and Cambridge. Again, we met with a host of agents eager to understand how they can grow their businesses, inclusive of the addition or to further enhance their auction capability. These events have illustrated to us that the prevalence of property auction is on the rise, and the desire to explore its added ability to sell property is clearly evident.
Finally, at the start of July, we held our biannual gathering for our Business Development Managers, who are located all over the UK. It is therefore rare that we manage to get them all in one room at the same time! This incredible 'front of house' team is clearly committed to continuing to enhance our customer-centric offering for our Partners and their clients.
If you want to push your current auction offering further, or wish to take that first step into auction, please contact us or book a demo here.
Greg Fleming - Training & Performance Manager
One of the many benefits of selling and buying through auction is that we prepare the Legal Packs upfront, resulting in a fast and transparent sale. The benefits of the legal pack are numerous, not least in how they help expedite quicker and smoother sales.
A legal pack is crucial for an auction property for several reasons:
1. Informed Decision-Making:
Transparency: A legal pack provides essential information about the property, helping potential buyers understand what they are bidding on. This transparency reduces uncertainty and risk.
Due Diligence: Buyers can conduct thorough due diligence before the auction, examining legal documents such as the title deed, lease agreements, planning permissions, and any existing disputes or restrictions.
2. Legal Compliance:
Regulatory Requirements: Preparing a legal pack ensures compliance with auction regulations and legal requirements, protecting both the seller and the buyer from potential legal issues.
3. Trust and Credibility:
Buyer Confidence: A comprehensive legal pack builds trust and confidence among potential buyers. Knowing that all legal aspects are transparent and accounted for encourages more bids and can result in a higher sale price.
Seller Reputation: Providing a detailed legal pack enhances the seller's reputation, showing they are serious and professional.
4. Risk Mitigation:
Identifying Issues: A legal pack highlights any potential legal issues or liabilities associated with the property, allowing buyers to assess risks before making a financial commitment.
Legal Recourse: In the event of a dispute, the legal pack serves as a reference point, outlining the property’s legal status and any conditions of sale.
5. Auction Efficiency:
Speed of Transaction: With all legal documents prepared and available beforehand, the post-auction process is streamlined. This can lead to quicker completion times, benefiting both buyers and sellers.
Reduced Fall-Through Rates: When buyers have access to all necessary legal information, the likelihood of sales falling through after the auction is reduced, ensuring a smoother transaction process.
A legal pack is fundamental for auction properties as it provides vital information, ensures legal compliance, builds trust, mitigates risks, influences financial aspects, and enhances the overall efficiency of the auction process.
Sarah Reeder - BDM Southern Region
When the going gets tough, the tough get going! That's how most of my partner agents described June! And together we got going.
I felt the pain of many of my partner agents who were experiencing low engagement or low stock, as well as frustrating pipelines. Consequently, June became a great month for sales for Pattinson Auction in the southwest, due to so many agents taking advantage of our resources to solve their problems.
As a result, we achieved an average fee of £9613, and 70% of sales came in above guide price, and some sales sold within 3 days of their listing.
It appeared that the time leading up to the election created a lot of uncertainty for the open market, but not for us, proving that online auction works in any condition.
As for the summer period, I am optimistic that together we can continue our success that we saw in June by providing clients with a secure and faster route to market.
