Why we offer Auctions
At Boutique Property Shop, we understand the challenges of today’s property market, where buyers often don’t commit to purchases, leading to high rates of failed sales and long waiting times. We’re excited to introduce a more secure and faster way to sell your property.
In collaboration with Whoobid Property Auctions, we’ve revolutionized the old-fashioned auction process by moving it online, where most people start looking for properties. This allows us to use our expert marketing skills and deep local knowledge to your advantage but on a nationwide scale.
We’ve moved away from the old, inflexible auction room sales to offering two innovative auction methods: Traditional and Modern. Each method brings its unique advantages, allowing us to tailor our approach to perfectly fit your individual selling circumstances, ensuring you get the best possible outcome for your property.
Traditional Method
This method is what most people imagine when they think of an auction. However, we’ve made bidding easier and less stressful by bringing the auction process online. Now, you can bid from the comfort of your home, making it more accessible for those who can’t be there in person.
The sale is confirmed when the auction ends with the exchange happening on the fall of the hammer and completion following within 28 days.
Modern Method
This works in exactly the same way as the traditional auction whereby the auction takes place online, however the property does not exchange on the fall of the hammer. Instead, the winning bidder agrees to enter into an exclusivity agreement which grants the winner 28 days in which to exchange.
This opens the auction market up to properties that may not have been suitable for traditional auction as motivated mortgage buyers will have time to raise finance on the property.
Benefits of Traditional Method of Auction
0% Sales Commission as our fees are paid by the buyer of the property.
Proceedable Buyers only as bidders need to have funds in place prior to auction and are often cash buyers.
Quick Sale with a tailored, fixed marketing period to generate interest with exchange taking place immediately after the auction and completion will be within 28 days.
Security as the buyer is legally bound to exchange and they will have made a significant financial commitment upon completion of the auction. Over 99% of sales using this method reach completion.
Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up.
Simplify the Legal Process as much of the work will be done prior to the auction taking place.
Set a Reserve which guarantees the property will not sell below your agreed figure.
Benefits of the Modern Method of Auction
0% Sales Commission as our fees are paid by the buyer upon them winning the auction.
Mortgage Buyers are also able to bid on your property as they have sufficient time to arrange finance which opens up your potential market.
Quick Sale with a tailored, fixed marketing period to generate interest, the winning bidder has 28 days to exchange following the completion of the auction – if they fail to do so you are free to remarket the property.
Security as the buyer will have made a significant financial commitment upon completion of the auction by way of the Reservation Fees. Over 95% of sales using this method reach completion.
Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up.
Simplify the Legal Process as much of the work will be done prior to the auction taking place.
Set a Reserve which guarantees the property will not sell below your agreed figure.
How does it work?
Step 1 – Valuation
Following our initial conversation, our auction team will reach out to you to discuss the process in full detail before recommending reserve and guide prices.
Step 2 – Preparation
We will then create a tailored marketing strategy for your property, preparing property details, taking photos to produce brochures and marketing material ready for launch. You may also require an EPC which we can arrange if necessary.
Step 3 – Auction Pack
We instruct solicitors to produce your Auction Legal Pack. The solicitors will liaise with you directly with any questions.
Step 4 – Marketing
Alongside the production of the auction pack, we will set an auction date and begin marketing through all of our usual online portals. Your property will also be sent out to our internal database and Whoobid’s extensive nationwide client database.
Step 5 – Viewings
Viewings will be carried out at your property with prospective bidders, often in group viewings depending on interest levels. Interested parties can download the legal documents online for free prior to auction.
Step 6 – Pre-Auction
Upon buyers viewing the property and carrying out their due diligence, they will have the opportunity to make an offer under the same secure terms prior to the auction event. All of these offers will be presented to you for your consideration.
Step 7 – Auction Day
The auction will run for 3 hours starting on the day and time set, interested parties will then be able to place bids on the property. Bids placed in the final minute will extend the auction by 3 minutes, to ensure the best price is achieved. Assuming your reserve is met the successful bidder will be bound by the terms of the auction
Step 8 – Post Auction
Traditional Auction
You will exchange instantly and completion will follow within 28 days.
or
Modern Method
You grant the successful bidder an exclusivity period in which they have 28 days to exchange.
