Case Study: AUCTION SALE ACHIEVES 22%+ MORE THAN PRIVATE TREATY SALE
Roger Hannah & Co were instructed to dispose of a 3 bed semi-detached house in Whitefield, nr Manchester.
The property had been marketed with a local estate agent for a number of months and a sale had been agreed at £77,000. The sale had stalled and dragged on for months. The client decided to instruct Roger Hannah & Co to advise with regard to offering it at auction with our auction partners, Auction House North West. The guide price was £65,000 to £75,000. This generated significant enquiries, interest and viewings due to the mass marketing of auction sales.
At auction the bidders attended in numbers and the property sold for £94,000, a 22% increase on the previously agreed sale.
Stuart Cooper, Director of Roger Hannah & Co commented “Clients tend to think that an auction sale is last resort, we have proved (on several occasions)that this is not necessarily the case. Proved the guide price is realistic and sufficient to generate the demand required, then competitive bidding in the auction room has the effect of driving the price higher and higher. In this instance the client was more than happy with the outcome as the sale is guaranteed with immediate exchange, non-returnable deposit and completion within one month. This shows the benefit of an auction sale and proves that disposal via the auction route should always be considered as it can generate better results than traditional private treaty sale with the added benefit of speed and certainty of sale. Roger Hannah & Co understand that not all properties are suited to auction sale and benefit from the best of both worlds in having the ability to offer advice on private treaty and auction sale”
For a free, no obligation auction appraisal, please contact our team.