September Auction Newsletter
A word from our Sales Manager, Richard Webb
August was a hugely positive month for auction, despite it being in the height of the summer holiday season, there was incredible activity here at Pattinson Auction nationwide. In fact, it was the strongest month so far in 2023, and has certainly added further encouragement to what is a constantly improving year with a record-breaking month of sales!
Reflecting on the previous few weeks, it is evident that the growing engagement from our Partner agents continues, with more agents offering auction as an outlet to their clients. Especially so as a solution following on from aborted sales and fall-throughs on the open market. Anecdotal feedback from many agents is that pipelines remain bloated due to a delay in sales reaching exchange, which in turn has seen a rise in fall throughs as buyers become impatient, or individual circumstances alter during the protracted sales journey.
We continue to see some agents who are still a little unsure of when to offer auction to their clients. But please be assured, that this secure sale option can overcome almost every challenge that agents face. If you require a conversation to understand or simply refresh your view of the auction process, please allow us to assist. Contact us here or reach out to your local Business Development Manager, who will be delighted to guide you in all things auction.
An update from Business Development Manager, Ryan Power
We are now well into Q3 and I am happy to report that there seems to be no slowing down and the momentum with online auctions. The biggest driver unsurprisingly, is speed from referring a property to the exchange and final completion, not to mention the fact that auctions will always offer security for agents and sellers. The only realistic way for a seller to complete in time for Christmas will be from online auctions.
My primary focus at Pattinson Auction is to identify key accounts and onboard them as partner agents. I have agents now contacting me directly wanting to discuss the partnership and how we can add value to their agencies by earning up to 2.5% (plus VAT) for every successful referral. We have a number of USP's to the partnership which helps agents with further opportunities and earn more commissions.
I am confident that every agent has a seller that would benefit from an auction route to market, and we have a proven track record of successes working both nationally and internationally!
The team here at Pattinson Auction will be delighted to help assist you. Let's talk Property Auctions!
Update brought to you by our Yorkshire Auction Manager, Jason Nicholson
The auction method of sale is without doubt, proving to be the most popular option of sale across country, due to the speed and security it offers to both sellers and buyers. In a property industry that is dealing with exceedingly high interest rates in the middle of the current living crises, it is vital to buyers that their time and money is spent wisely and purchasing via online auction aids that perfectly. Having a readily available legal pack provides buyers with all necessary legal due diligence, allowing them to make an informed decision prior to binding themselves to a transaction, which in turn, reduces the percentage of fall throughs for sellers, and partner estate agents.
In addition to providing speed and security to both parties, the aim of auction is also to achieve the best price possible for the seller. This was evident which in one of our recent property auctions located in Buxton, Derbyshire. This property came to the market with a Starting Bid of £40,000, having received 54 bids, from 10 individual bidders ended up with the hammer dropped at the price of £93,000.
I also find it important to highlight that auction is not just for lower end priced properties, and finds success with all properties, regardless of their condition or back story. Another one of our vendors had two sales fall-through on the open market on their property in the region of £640,000. This property, located in Wentbridge, Pontefract, was brought to auction and exchanged contracts at the price of £643,000 in just 25 days on the market. After being marketed for over 1 year, the vendor was both overjoyed, and relieved for the transaction to progress so quickly.
As we enter the final quarter of the year, following the trajectory of success that we are currently on, I would urge anyone that is looking to purchase or sell a property prior to the year closing, to consider the auction route.
