What You Should and Should Not Do When Selling at Auction

Selling a property at auction offers a clear and structured path to securing a sale. With defined timescales and transparent pricing, there’s no lengthy buyer chains or uncertainty to contend with, as is so often the case when making an estate agent sale.  
 
There’s still some work to be done, however. Whether you are selling a home or a commercial asset, achieving success at auction comes down to your preparation, pricing, and getting the right support. Understanding what to do and what to avoid, helps you approach the process with confidence and gives you a better chance of successfully selling your property. Keep reading as we guide you through each of the do’s and don’ts when it comes to selling your property at auction. 

The Do’s of Selling at Auction 

Auction sales provide a lot of certainty as, once a sale is agreed, the buyer is legally committed to the sale and can’t drop out if they have a change of heart. This means there is a big reduction in delays and fall-throughs. This aspect, combined with competitive bidding and strong buyer demand, means that auctions remain an effective sale method - as long as you do it right.  Here’s how to make sure you’re setting yourself up for success. 

Do Choose the Right Auctioneer 

Choosing an auctioneer with experience in your property type and local market can make a huge difference. For example, if you’re selling a commercial property, you’ll want to use an auction house that can accommodate this. A knowledgeable auctioneer will advise on pricing, marketing strategy, and auction format, ensuring your property reaches the right buyers at the right time. You can check an auctioneer’s experience and track record by looking at listings (both upcoming and sold) to see if there is anything similar to your property visible. 

Do Obtain Multiple Valuations 

Even if you already have a preferred method of sale in mind, we’d suggest still comparing valuations from both estate agents and auctioneers helps you understand market expectations. At BTG Eddisons Property Auctions, we perform property appraisals for free, and we’d recommend checking any other valuations you want to obtain are also free, so you won’t incur additional costs. This information can help you determine realistic guide and reserve prices, which are used to help generate interest on your property, whilst also protecting you from having to sell for less than you want to. 
 
To clarify the above terms, a reserve price is the minimum you’re willing to accept for the property. It is confidential to the seller and the auctioneer, and the property won’t be sold if this price isn’t met. A guide price is what we advise the property will sell for, this is usually within 10% of the set reserve price to give buyers an idea of what kind of bid to place. You can brush up on your auction terminology knowledge over on our Seller FAQs page. 

Do Select the Most Suitable Auction Format 

Different auction formats are suited to different selling goals. Whether you opt for a Multi-Lot Timed Auctions, or Single-Lot Timed Auctions, choosing the right structure for you is essential.  

Do Instruct a Solicitor Early 

Once you’ve picked an auction method, you should consult a solicitor as they will create the legal pack your buyer needs for the property - and they’ll need this prior to bidding. This will also help reduce the risk of delays when it comes to completing the sale within the allotted time frame of your chosen method. 
 

The Don’ts of Selling at Auction 

 
There are some common misunderstandings and misconceptions on what needs to be done before selling at auction. Reading through the following points will help you to ensure the entire process goes smoothly. 
 

Don’t Feel Obliged to Renovate 

Often, those looking to sell will be under the assumption that they need to renovate to get a higher sale price. This isn’t necessary, as many auction buyers are actively looking for properties with potential for development or refurbishment. The pool of buyers at auction consists of investors, owner-occupiers and developers alike, so they’ll be looking to put their own stamp on the place. Selling in the current condition often attracts interest without the time, cost, or disruption of refurbishment. You just need to be realistic about the price you’re willing to accept when considering how much work the buyer will need to do. 

 
Don’t Worry about Managing Viewings Alone 

 
You don’t need to be available 24/7 to arrange viewings for potential buyers. Your auctioneer can arrange and conduct viewings on your behalf. This removes any unnecessary pressure from you in regards to the selling process. Of course, if you’d prefer to be at the property when the viewings occur, just let your auctioneer know and they’ll work with you to arrange suitable viewing times. 

Don’t Worry about Sales Falling Through 

Auction sales offer a high level of certainty, taking the stress away from sellers who need a quick sale or those who have concerns about a deal falling through. Auctions provide security in the sense that once a sale is agreed, buyers are legally bound to proceed. If they don't, penalties will apply if they fail to complete.  

Sell at Auction with BTG Eddisons Property Auctions 

 
Following these do’s and don’ts will help you sail through the process of selling your property. However, if you still need further information on how the selling process works, you can find more detailed information on our Seller FAQ page. Alternatively, if you need advice regarding a specific property, or you require more assistance from our team, we’ll be happy to guide you through the process and explain your options in more detail. We’ll also be on hand to help you at every stage of the sale. Simply contact us with your enquiry or book a free property appraisal to get started.