Top tips for estate agents: promoting the auction method of sale to sellers

Effectively promoting auctions requires clear communication, a good understanding of the process, and confidence in addressing common concerns. Propertymark industry supplier, Pattinson Auction, have some practical tips to help estate agents present auctions as a modern and beneficial sales solution.

Focus on the seller’s needs

Every seller has unique circumstances, and tailoring the conversation to their goals is key. Clients seeking a quick and secure sale can benefit from the auction method, which offers a defined timeline and minimises uncertainty. For those aiming to achieve the best price, competitive bidding often leads to offers exceeding expectations. By aligning the auction process with the seller’s specific priorities, agents can show that auctions are not just about the type of property, but a strategic option suited to their situation.

Address common concerns with clarity

Sellers unfamiliar with auctions may have reservations. Some may worry they will receive less for their property at auction. In such cases, it can help to explain that auctions encourage competitive bidding, which can drive up the final price. Setting a reserve ensures the property will not sell for less than the agreed minimum. Others may perceive auctions as risky. Reassure them that the process is both secure and transparent. Once a bid is accepted, the sale becomes legally binding, which significantly reduces the risk of fall-throughs. For those concerned about limiting the pool of buyers, it’s important to highlight that online auctions attract a diverse range of buyers, including investors, cash buyers, and motivated purchasers looking for a straightforward process.

Explain the auction process

Sellers are more likely to embrace the idea of an auction when they understand how it works. Providing a simple and clear explanation of the process can help demystify it. Start by describing the initial valuation, where the property is assessed to establish expectations and set a reserve price. Explain that properties are marketed widely to ensure maximum exposure to potential buyers. Discuss the transparent nature of online bidding, where competition often results in higher sale prices. Finally, emphasise the secure and legally binding nature of the sale once bidding concludes, which ensures a smooth and swift completion. Presenting these steps as a seamless journey helps to build trust and confidence.

Highlight the benefits of auctions

Auctions offer several distinct advantages that set them apart from traditional sales methods. The speed of the process is a significant benefit, often leading to quicker sales. Security is another key factor; once bidding concludes, the sale is legally binding, providing sellers with certainty and peace of mind. Transparency is also a major advantage, as the open bidding environment ensures fair competition and a clear sense of market demand. By emphasising these points, agents can position auctions as a practical and effective solution for a variety of sellers.

Use real-life success stories

Authentic examples can be powerful tools when promoting auctions. Sharing stories of sellers who achieved quick, hassle-free transactions or exceeded their price expectations helps to demonstrate the value of this method. Testimonials from satisfied clients can further reinforce the message, providing reassurance to those who may still feel hesitant.

Position auctions as a modern sales solution

The perception of auctions has shifted in recent years. No longer seen as a last resort, auctions are now recognised as a proactive and innovative way to sell property. They appeal to sellers and buyers alike, particularly those seeking transparency and efficiency. Presenting auctions as a modern and forward-thinking sales method helps to highlight their relevance in today’s fast-paced property market.

A valuable option for sellers

Promoting the auction method of sale is about providing sellers with clear information, addressing their concerns, and showcasing the process’s unique benefits. With the right approach, estate agents can help their clients feel confident and informed about this secure and effective way to sell property.

Benefit from expert support

Pattinson Auction provides agents with comprehensive support to equip their teams with the knowledge and confidence, promote auction services with professional brochures, digital content, and property listings, and dedicated guidance and in-person assistance throughout the auction process from the Pattinson Auction dedicated Business Development Managers, who are located all over the UK.