Member Article

Auction Property Achieves 40% above Starting Price

The recent East Midlands Property Auction spectacularly demonstrated that selling properties by auction offers sellers a real alternative that regularly achieves above and beyond starting bids and reserve prices. In the first East Midlands event of 2015, iam-sold and their award winning partner agent Pygott and Crone served an exciting auction, with one property achieving 40% (£77,000) above its opening bid.

Right audience, right market, huge profit

3 Eastcliff Road in Lincoln, a Grade II listed property in a popular, sought after location received a lot of positive attention prior to the auction. The 4 bedroom, link detached property had a lot to offer any prospective buyer, with 2 reception rooms, bathroom and shower room, private garden as well as 2 large stables/workshops and vast potential. Before the auction, the property received 25 viewings and attracted a number of buyers to the live event on the 28th January.

Bidding started off at £190,000 and a flurry of bids came flying in. After 77 bids the property was sold for £77,000 over its opening price at a fantastic £267,000.

Another property that received a great result was a picturesque stone cottage in Branston. With 40 viewings before the auction, the interest was already apparent. It sold for over £24,000 over its starting bid thanks to iam-sold’s modern take on auction.

How do iam-sold achieve results like this?

iam-sold and their partner estate agents provide a modern, innovative way for buying or selling auction properties. Different from traditional auctions, the service they provide is available for anyone looking to buy or sell on the market. This method provides greater interest in your property including viewings and enquiries by using intelligent marketing techniques to give the property the exposure it needs. It is also more secure as it provides fixed timescales to exchange and complete the sale as well as achieving fair market value in the process. Another perk to this auction method is that buyers don’t have to be an investor and they can also buy a property with a mortgage.

Iain Allison, internal manager for the East Midlands Property Auction commented:

“We’ve had a good solid start to 2015 with some fantastic activity in the room. A high percentage of property sold was bought by residential buyers enabling the sellers of those properties to maximise their achieved price. It would be unlikely that these results could have been achieved through a traditional auction appealing to predominantly investment purchasers. The versatility of the Modern Method of Auction again proves a popular route to sell a variety of property.”

iam-sold have once again demonstrated that their auction methods are highly effective, with an 85% conversion rate (figures from Essential Information Group, 2014) on properties available through auction.

iam-sold are now looking forward to the next East Midlands Property Auction on the 26th March at The Bentley Hotel, Lincoln. With 2014 being a fantastic year and after having a great first auction, iam-sold envision an even better 2015.

For more information, contact Leanne Radford on 0845 5193 126 or Leanne.radford@iam-sold.co.uk

This was posted in Bdaily's Members' News section by IAM Sold .