Member Article

North East Auction’s Winning Start to 2015

iam-sold’s largest auction, the Great North Property Auction has had a great first quarter, with the live events selling over 92% of properties available (February 94% and March 91%). These results are the highest to date for the north east auction and demonstrate a growing desire by buyers and sellers to utilise the benefits that auction gives.

Attracting over 120 people to the live auction event on 5th March, 49 properties successfully went under the hammer with a total value of approximately £3,100,000.

A Perfect Solution

A seller of a 2 bedroom terraced house in Pelton at the March event found that the auction method iam-sold employs would be the perfect solution for them and their circumstances. Speaking to partner estate agent, Robinsons, she informed them exactly what she was looking for from her sale; primarily, selling her property as quickly as possible. Yasmin Lazaro, branch manager at the Chester Le Street branch, inspected the property and after discussing the sellers circumstances, decided the property would be an ideal candidate for the auction rather than an open market sale.

Yasmin commented:

“At this point, I started to get a little excited because I knew it would do so well with our investors and I knew it would sell quickly. I went back to the seller and advised her to leave everything in my hands and we would take it to auction for her with a low starting bid and reserve price.”

The marketing techniques of using a low starting bid and reserve price, was an intelligent way to try and generate more interest; which is exactly what it did. After a few days of advertising, the property received 4 viewings and a further 6 booked for the following week. The property attracted many buyers, in turn creating highly competitive bidding on the property, increasing its price and selling for 46% above the starting price, all within the short time frame of just 2 weeks.

Another property that sold at the Great North Property Auction was a 2 bedroom semi-detached bungalow in Newton Aycliffe. To ensure the seller received fair market value for their property, they set an undisclosed reserve price to guarantee the property would only sell for a price they would be happy with. Using the modern auction technique, the bungalow sold for £15,000 above their reserve price, 30% above the original starting bid.

Jordan Smith, business development director commented on the results of 2015 so far:

‘Over 90% conversion rate at a property auction is almost unheard of so to achieve this twice in a row is an outstanding achievement. To put this in to context, other auctions in the region are running at 50-60% success rates so far this year. Our results are testament to the quality of the service we offer, the high standard of partner estate agents we work with and the flexible modern auction terms and conditions we use to benefit our clients.’

The next live event for the Great North Property Auction is on Thursday 2nd April at the Ramside Hall Hotel, County Durham. More information can be found on the auction website www.gnpa.co.uk

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 .