The benefits for sellers of property on auction:
- The process is fast – once the Auctioneer is commissioned to do the job, the property auction generally takes place within thirty (30) days.
- Auction houses attract qualified buyers – the people at property auctions have the means and the desire to purchase the property.
- Auction sales create urgency – a time is set for the house on auction and buyers compete to win the bid.
- Terms and conditions are transparent – the entire process takes place in a public environment.
- Your interests are protected – you specify your reserve price.
- The true value of the property is realised – interested bidders compete with each other, often resulting in a sale that exceeds your expectations.
- The auction process is conclusive – once the hammer falls, you have two (2) working days (the Confirmation Period) in which to accept the offer, after which the deal is done with the winning bidder.
- The final bid amount is the amount you, as the Property Seller, will get – the winning bidder pays the Auctioneer’s fee, which is 10% over-and-above the final bid amount plus VAT.
- Property Auctions allow you to realise profit on an investment – this way you can move to a larger, or smaller property, make a lifestyle change, or realise the cash flow you need for other business priorities.