June Auction Newsletter

A word from our Sales Manager, Richard Webb

As we head into the Summer months, here at Pattinson Auction, we’d like to extend our gratitude to our Partners who have been working with us this year. We are witnessing even more agents enjoying success with auction sales, and the market share of auction listings continues to grow throughout the country. This is perhaps due to a wider understanding of the process, coupled with a readiness to explore an alternative sales option.

In recent weeks (depending on what you read and who you listen to!) you could be convinced into believing that the current property market is either, the best it's ever been, or the worst it’s ever been! It seems property opinions are currently both confusing and contradictive, at best.

Fortunately, the property auction space is very different, and can provide certainty in an uncertain market, and this in turn allows our Partner agents to hold that vital element of control over their listings, by empowering their clients to dictate pricing and timelines to a buyer who is financially committed to the purchase.

Whatever the marketplace is dictating in your location, auction can be utilised as an option, to achieve a quicker sale for your clients whilst simply adding a speedier revenue stream for your agency. Given that conveyancing timelines can currently run into sixteen weeks plus, when on the open market, auction is clearly a huge positive. It can add substance when speaking to those sellers who are tired of marketing and just want their property to sell quickly. Pitching auction can also be used to outsmart those competitors who are over-valuing everything to gain market share. And above all, never underestimate the power of an offer which is attached to an immediate exchange of contracts.

Feel free to engage with us at any point.

Finally, if you are attending this year's ‘Propertymark One’ event at the end of June, be sure to come and say hello, we will be on Stand 16.

An update from Felix Keene - Auction Manager, South Central & West

Our Auction Team has continued to go from strength to strength despite some negative trends in the property market, and as a result proving the value of auction and our ability to secure sales on a wide range of properties. We have seen incredible results, including a deal at £2.1 million in March 2023, cementing the fact that auction works for all types of property.

Speed and Security are the main benefits of the modern method of auction, and this remains true, with one of our properties spending less than 48 hours as listed, before it was sold at £10,000 over the starting bid!

One benefit that often is overlooked is our ability to reach the best price, and this cannot be more apparent than with one of our recent sales where we managed to achieve a whopping £65,000 over the starting bid, achieving 21 bids in the process. This is a prime example of how auction works by listing the property as attractively as possible, thus securing multiple interested parties and then watching the bids flood in and go beyond all expectation! And ultimately, completely outperform the traditional market. The vendor was of course over the moon with the final figure far exceeding the most optimistic of valuations. This is by no means a one-off, as we have just agreed a deal for a property for £530,000, which is £30,000 over the Starting Bid price.

Along with everyone else, we do see the effects of a changing market, but be assured these effects are less prominent under auction terms with vendors having more control over the deals they agree. With the deposit required under our auction terms, we are proud to retain fall through figures of less than 1% across the board, by comparison, fall throughs are now at an all-time high under traditional terms with figures sitting around the 35% mark.

With our vendors able to sell for free there is nothing stopping them from giving our modern auction system the chance to perform. Now more than ever, auction is the way to sell property in England, and we can provide certainty and control in a market rife with uncertainties, with a fully transparent bidding process this not only works for our selling clients but allows our buyers to know where they stand to make logical, informed decisions further reducing fall through rates and increasing success.

All referrals, queries and questions are always welcome!

Update brought to you by Danny Bone - BDM Yorkshire

It is great to see the evolution of the auction process, and the fact that auction is becoming more mainstream year on year. The agents I work with are seeing the benefit of auction to give their clients the best outcome for their circumstances. We are experiencing a larger number of agents join us as partners, and genuinely believing in the service, opposed to a tick box exercise to offer their clients. This is crucial for all parties involved to make sure we get the best result for both buyer and seller and agents.

I cover an area which offers a diverse collection of agents who I am lucky enough to work with, and I promote a partnership as much as possible. We work together to get the best results, and the highlight of my job is having these partnerships and, in most cases, friendships. As a family run business, we see all our partnered agents as part of the family and embrace them into the Pattinson Auction fold.

If you want to discuss joining us or have any questions regarding auction, please do not hesitate to contact us.