Expat Property Story

How to Sell Property at Auction


Listen Later

#231

Join our WhatsApp  group

Giveaway from Hammered (worth £1,000)

Recent episodes have demonstrated that the UK property market is currently experiencing significant challenges.

  • Properties remaining unsold for months
  • Rising costs and reduced buyer activity
  • Uncertainty around the renters rights bill 
  • The Impact of stamp duty changes and Section 24 

have all contributed to traditional sales methods becoming sticky or protracted.

One solution is selling at auction. Which is what this episode is all about.

Piotr Rusinek is co-founder of Hammered, UK property auction consultants, and co-author of Before the Hammer Falls:  The Insider's Guide to Property Auction Success 

The Seven Tips discussed in the episode:

Tip 1: Decide if Auction is Right for You

  • The trade-off between speed, certainty, and price
  • Who should consider auction sales (motivated by speed and certainty rather than maximizing price)
  • Drawbacks vs. using estate agents or cash buying companies

Tip 2: The Right Property Type for Auction

  • Auction suitability for distressed properties
  • Projects and properties requiring refurb 
  • Less suitable for owner-occupiers 

Tip 3: Selecting the Right Auction House

  • Not all auction houses fit all asset types
  • Importance of auctioneer’s buyer database / marketing focus
  • Risks of choosing wrong auction house
  • Benefit of professional guidance (e.g. Hammered)

Tip 4: Creating Buyer Excitement and Showing Value-Add Potential

  • Showcase development opportunities (extensions, loft conversions, etc.)
  • Photographs, floor plans, CGI
  • Subtly indicating potential to let buyers feel they discovered it themselves

Tip 5: Setting a Low Reserve Price

  • The importance of a low reserve for driving competition and excitement
  • Balancing risk and reward with reserve price strategy
  • Reserve price recommendations (~70-75% of market value)
  • How emotional bidding can drive prices up beyond trader expectations

Tip 6: Preparing a Bulletproof Legal Pack and Using Auction-Savvy Solicitors

  • Comprehensive legal pack 
  • Auction-savvy solicitors 
  • Timing legal pack uploads (not too early / too late)
  • High-quality property photos / marketing materials

Tip 7: Embracing the Auction Cycle

  • Understanding auction cycle 
  • Interpreting buyer activity, pre-auction offers, and data analytics
  • Dealing with properties that don't sell


Exclusive Property Engine discounts (Code: EXPAT)
Starter package: 30 day trial
Pro package  30 day trial, then 3 months 1/2 price, Ultimate package, 1/2 price 3 months

I'd Like Help With Setting My Goals

Leave a review
Join our WhatsApp  group / access  37 Question Due Diligence Checklist / 23 Step Guide to Buying Property at Auction
Instagram

Keywords

...more
View all episodesView all episodes
Download on the App Store

Expat Property StoryBy The Expat Property Guy


More shows like Expat Property Story

View all
The Martin Lewis Podcast by BBC Radio 5 Live

The Martin Lewis Podcast

81 Listeners

The Property Podcast by Rob Bence and Rob Dix from The Property Hub

The Property Podcast

60 Listeners

The Money To The Masses Podcast by Damien Fahy

The Money To The Masses Podcast

15 Listeners

Investors' Chronicle by Investors' Chronicle

Investors' Chronicle

13 Listeners

The Inside Property Investing Podcast | Inspiration and advice from a decade investing in UK real estate by Mike Stenhouse: Property Investor

The Inside Property Investing Podcast | Inspiration and advice from a decade investing in UK real estate

7 Listeners

This is Money Podcast by This is Money

This is Money Podcast

42 Listeners

Disruptors by Rob Moore

Disruptors

110 Listeners

Coffee House Shots by The Spectator

Coffee House Shots

181 Listeners

The Diary Of A CEO with Steven Bartlett by DOAC

The Diary Of A CEO with Steven Bartlett

8,401 Listeners

The Money Podcast by Rob Moore

The Money Podcast

21 Listeners

Which? by Which?

Which?

11 Listeners

James Sinclair's Business Broadcast by James Sinclair

James Sinclair's Business Broadcast

4 Listeners

The High Performance Podcast by High Performance

The High Performance Podcast

625 Listeners

Merryn Talks Money by Bloomberg

Merryn Talks Money

47 Listeners

The Rest Is Money by Goalhanger

The Rest Is Money

197 Listeners