Member Article

Seller Bags Double the Start Bid at Auction

iam-sold’s North West Property Auction successfully launched the first Lancashire live event on 9th April, attracting buyers from across Lancashire and Greater Manchester. With a room full of competitive buyers, the auction achieved a great result with 82% successfully sold under the hammer using the modern method of auction.

A fantastic result was achieved for a 2 bedroom detached house in Ashton-under-Lyme from partner estate agent Cordingley which received 60 viewings prior to the live auction. The property entered the room with a starting bid of £18,000 and began a bidding frenzy between local buyers. When the gavel fell, the property sold for more than double the starting bid at £37,000!

iam-sold’s modern method of auction is an alternative to the open market or the traditional auction whereby an exchange of contracts is required immediately after the auction ends. Many choose to use this method as the marketing techniques provide the properties with more exposure, interest and therefore more viewings. It is also more secure, fast and by setting their own reserve price, it ensures the buyer sells the property for a price they are happy with.

The live event was delivered in partnership with iam-sold’s network of reputable estate agents including one of the most successful in the Lancashire area, Alan Kirkham who have worked with iam-sold for over 3 years. James Patchett, valuer and commercial manager explained why his clients think the modern method of auction is a worthwhile route to sell their property:

“From the feedback from our vendors, what comes across most evidently is customer service; the level of service given throughout the process, explanation of the auction, its delivery and a personalised service throughout, whether that be through the live events or online auction. The timeframes are great, the fact they aren’t having to pay fees is also fantastic, but fundamentally, it’s the confidence that they will have a sale at the end of the process. A great tool, a useful alternative.”

David Vine, business development manager for the North West Property Auction commented:

“The first Lancashire event was a huge success with 82% of the properties selling in a room busy with bidders. The brochure saw a variety of properties from across the region getting excellent viewing levels and some fantastic bidding on the night. With the next event on the 28th of May, we would be delighted to speak to more agents who don’t currently utilise an auction service or who want to see how different our offering is in comparison to the traditional route.”

For more information on iam-sold’s auction services, contact the Auction Department on 0161 300 7100 or visit www.northwestpropertyauction.co.uk

For all other information, please 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 .