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Choosing Property Auction Houses in the UK

Choosing Auction Houses

If you make the important decision to sell your house at a property auction, instead of using an estate agent to sell the property on the housing market, it is integral to your success to choose the right UK Property Auction House. Finding the property auction house and auctioneer that suits your needs and circumstances takes preparation beforehand - it is no different than searching for the right estate agent in that you must do work ahead of time to determine who is more suited to your particular needs. The property auction house and auctioneer, like an estate agent, are integral to finding you a buyer for your property at the asking price. Before you choose a UK property auction house, make sure you educate yourself about the auctioneer. You can do this by checking to see whether he or she is a member of a professional body, such as:

• National Association of Valuers and Auctioneers (NAVA)

• National Association of Estate Agents (NAEA)

• Institute of Professional Auctioneers and Valuers (IPAV)

• Irish Auctioneers & Valuers Institute (IAVI)

• Royal Institution of Chartered Surveyors (RICS)

• Association of Residential Letting Agents (ARLA)

• Association of Residential Managing Agents (ARMA)

If you opt to use the services, experience and expertise of a professional auctioneer, you are more likely to have success selling your property. But you can only know if the auctioneer and property auction house you choose will work for you if you ensure that they are legitimate. If the auctioneer you are considering is part of at least one of the above groups you can rest assured that they are a good choice.

When choosing a property auction house it is also important to pick one that will most likely sell your property. Essentially, if you sell your home or property with a property auction house that has comparable properties already listed in the catalogue, at prices that are in your home's price range, you will be more likely to find a buyer who is willing to pay the listing price. On the other hand, if you list in a catalogue in which most of the properties for sale are run-down houses in a bad location that need extensive repairs, and you have a well-kept property in a good neighbourhood, you are going to have trouble making a sale. Finding a property auction house that sells properties similar to your home will make it that much easier to find the right buyer.

Costs Involved

Whenever you begin the process of selling a house or property it is integral to start by calculating the costs that will be involved. Selling a house always has added costs, so it is extremely important to find out what you will have to pay ahead of time, in order to properly determine how much you will get out of the sale in the end. Even when selling with an estate agent, on the housing market, you have to be concerned with extra expenses and costs that come with the territory. For instance, you have to pay the estate agent and cover other expenses, such as small home improvement costs or the cost of an appraisal. And although selling your house or property through a property auction house has many benefits and advantages over selling through an estate agent, it is important to understand that selling at a property auction has costs as well. But as long as you prepare for these costs ahead of time and know what to expect, you should have no trouble selling successfully.

The reason why you have to plan for the costs ahead of time is simple. If you are going to sell your house, whether through the traditional property route or through a property auction house, you need to know how much you will put into the venture, especially in relation to how much you will get out of it. If the costs outweigh the potential gain, than you have to consider making a change of plans. Perhaps you can lessen your home improvement costs in order to save some money. But if the gain outweighs the costs, of course, you'll know from the start that selling is a good idea.

So what exactly are some of the costs that are associated with selling your house or property through a property auction house? First of all, the services provided by a property auction house are never free, as they must spend money to get your house sold. When you decide to use a property auction house to sell your property, the auctioneer enters into a sole agreement with you with regards to your property. This allows them to advertise the property in brochures and in a catalogue for you so that you can get your property noticed by homebuyers. Of course, advertising costs money. The auctioneer will charge around 2.5% commission on the sale. Also, know that if your house doesn't sell, and you can't find a buyer, there may be added abortive fees that you may be required to pay.

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