Can I control the selling price of my property if it goes to auction?

It is important to know that when selling at auction, you are in control at all times.

The biggest fear people have when selling through auction is that they’ll take a financial hit. This is not necessarily true and there are millions of statistics to back this up which will be covered in separate video. So be sure to hit subscribe and follow for constant new content.

Welcome to Connect UK’s Auction Academy – Here to answer all your property auction questions.

When you instruct us to sell via auction whether it’s a residential property, commercial building or plot of land we will ask you to set a reserve price – this is the minimum price that you are willing to sell at.

Another price to be set before any marketing can commence is the guide price. This guide price is an indication as to where the buyers will have to commence bidding.

By setting an attractive guide price we instil the engagement of potential buyers.

The competitive atmosphere and the variety of bidders from different sources will push up the price organically.

Here is a case study – We sold a flat recently in Orpington in Kent with the owner looking to achieve £235,000. The lot went under the hammer and sold to the highest bidder for £290,000. That is £55,000 above the seller’s expectation. Amazing right?

If a property is suitable for auction- expect the sale price to reflect that.

Check out our other videos where we discuss why people sell at auction and types of property sold.

And remember to subscribe to our channel to become a property auction expert!