Private treaty sales are the norm in the UK and are the best way to sell property in a chain. Auctions provide the best route to market for anything that is chain-free, as they offer a range of benefits to buyers, vendors and agents. Here we look at the main benefits of auctions.

Speed

Private treaty transactions can vary hugely in length and anyone who’s been an agent for a while will have a horror story or two about how slow it can be. On average, launching a property on the portals to completion takes 5 months and rising!

Auctions, however, can reduce this time to just 5 weeks. This statistic includes conditional auctions, which have a 20-working-day exchange period. Traditional auctions exchange immediately after a successful auction, so they are quicker and all parties benefit from a quicker transaction, and it allows you to focus on the next sale.

Increasing Sale Price

If you have a property that has more than one interested party then auctions will achieve the best result for you and your vendor. Looking at private treaty, buyers may have one, two or maybe even three rounds of bids. With auctions, we take this to the extreme and buyers keep bidding until someone stops. This ensures you’ve achieved the best possible price for your vendor.

Reducing Fallthrough

Perhaps the most powerful benefit of auctions is their ability to all but remove fallthroughs. Across both types of auctions (conditional and traditional), our success rate is 99%. Compared to around 35% of private treaty transactions falling through.

You only need to glance at the industry press each month to see article after article about the rise in fall throughs and the damage they cause in terms of disruption, stress and cost to buyers, vendors, agents and solicitors alike.

Automation

We automatically generate the contract for you with traditional auctions so there’s no additional work for you to do. We also collect any fees automatically at the end of the auction and email all parties informing them of the next steps and timescales.

Additional buyers

Auction lots are advertised on the major portals like any other property and rightly so, as Rightmove, Zoopla and similar portals represent the largest audience for your vendor. However, auctions bring a new demographic of buyers to the table; professionals. Many professional developers scour the Bamboo Marketplace for opportunities and we see many of the same names repeatedly on our platform. Then there’s a swath of everyday buyers who are looking to flip their first, second and third properties and also search our platform for the right property.

Are you an estate agent ready to revolutionise your property sales? Discover the power of online auctions with Bamboo Auctions and get in touch with one of our expert team today!