Online Auctions
fishergerman.co.uk
Online Auctions Our dynamic online auction system is an innovative way to buy and sell property outside of the traditional auction room. With all the advantages of a conventional auction, the online platform offers so much more with a new level of flexibility to both buyers and sellers whilst retaining the transparency and certainty attributed to the auction process. Over 80% of property purchasers start their search online, now they can buy online too.
What are online auctions? An online auction is a relatively new, but trusted way to trade properties. Our online market place allows you to undertake a sale in a fast, certain and transparent manner. It also offers excellent value for money. Properties are offered for sale using sophisticated software developed by Bamboo Auctions and hosted on the Fisher German website. Prospective purchasers can access properties through our website, the Bamboo platform that hosts many other lots and also through all the other internet portals we list on. In addition to this, properties are marketed by traditional means to ensure that availability reaches the very widest target audience.
What are the benefits?
Flexibility
Commitment
Focus
Competitive
You decide when to sell making it much easier to plan the transaction
A less pressurised environment than a public auction, encouraging buyers to participate
Concentrated periods of promotion with demand from motivated cash buyers
The ultimate open market test to create the maximum sale price
Security
Exposure
Certainty
Transparency
All buyers have ID verification and are approved to bid
Comprehensive marketing campaigns
Legally binding exchange occurs online and deposit paid
A highly visible process for buyer and seller
How does it work? The appraisal
Verification
We will advise you in the normal way with a detailed inspection and carefully considered professional assessment of your property. We will advise on the best method of sale and the optimum strategy to produce the highest price sale outcome and to meet your other objectives. We will produce comprehensive marketing recommendations including proposed guide price, promotional initiatives and details of our terms of business.
Buyers are substantiated when they register and anti-money laundering checks are undertaken. Payment details are obtained to confirm that they are ready to bid.
Bidding
Timing
This takes place online up to the end of your chosen time period and you can watch as offers are made and recorded live. ‘Last minute’ bids reset the timer back 5 minutes so that the bidding can continue to ensure the highest price is achieved.
We will agree with you a marketing period and the length of the auction.
Exchange
In consultation with us you set the reserve price.
A legally binding exchange of contracts occurs where the reserve is met and the timer reaches zero. A deposit is taken on your behalf.
Legal preparations
Completion
The reserve
As with a traditional auction, a legal pack will be prepared by your Solicitor at the start of the process.
Marketing
By 12pm the next business day the buyer pays the balance of the deposit to total 10% of the purchase price. Completion of the transaction occurs after a stipulated time period to suit you, typically 28 days.
We will implement a campaign designed to create maximum demand for your property. As with all auctions, the generation of strong competitive interest is one of our principal goals.
The buyers We will reach out to the maximum number of potential purchasers and they can view the property and have discussions with us as your agents in the normal way. They can view property information online and their professional advisors can search through legal documentation.
“What at first may look daunting is actually a very slick, refined process, perfect for vendors seeking a clear, well structured sale and the true test of the open market” Stuart Flint, Head of Agency, Fisher German
What are the costs? We will agree with you an agency commission for acting as auctioneers, either a flat fee or a percentage of the final sale price achieved. We will agree with you a marketing budget and any contribution to be paid by you. All accounts are subject to VAT. The winning buyer is charged a sum of £5,000. From this a buyers fee of £2,400 (including VAT) is retained by Fisher German/Bamboo Auctions as a contribution towards the online platform costs and £2,600 is payable towards the purchase price. This does not reduce your total sale proceeds.
What are the alternative options? Mistakenly some people consider auctions most suitable for distressed properties but this method of sale is appropriate for so many property types. Commercial, residential and rural properties are all fitting for auctions. Properties may be vacant, tenanted, probate sales, unmortgageable or development opportunities, all are ideal for online auction. Properties may have been unsold for a long time and need a boost or could be destined for a ‘best and final offers’ finish, again suited perfectly to an online auction. Traditional auctions in a public room can be daunting for some buyers and inconvenient for many.
Online auctions are designed to be more welcoming, more flexible, to encourage participation, entice well-funded buyers, stimulate bidding and achieve the highest selling price for you. We will advise you to consider an online auction if we consider it to be the best strategy for your property sale and your circumstances. If we do not consider this to be the right approach for you we will advise a different method of sale, either traditional public auction, private treaty or tender. Our specialist agency professionals will be able to explain all the alternatives and guide you towards the best route.
fishergerman.co.uk auctions@fishergerman.co.uk