In addition to our direct land, commercial property and site buying service, we can also offer our clients the option to sell via a state-of-the art auction platform.
Whilst slower than a direct sale to us as investors / developers, his service often works well if you would like to create a competitive bidding environment.
As professional buyers across the UK since 2003, we appreciate that certain types of property sales are more suited to an auction environment.
Land, commercial, mixed-use and other ‘niche’ properties often fall within this category and many sellers achieve excellent outcomes. Indeed, relative to a private treaty (commercial / land estate agency) sale, you’re more likely to find a suitable buyer.
At Property Solvers Online Auctions, our core focus will be to attract a healthy number of eager prospective buyers. This will then create a competitive bidding environment that, in turn, will drive up the price of your property, site or land plot.
Below we’ve outlined the essential stages of the auction process to ensure we get our clients great results every time.
We will start by having a telephone conversation with regards to your property and overall objectives.
Some of the information it would be great to receive would include:
In essence, the more you could supply the better.
The team will then engage in a detailed due diligence process, adopting the same appraisal methodology applied to our own building / land / development site purchases.
We follow the Royal Institute of Chartered Surveyors (RICS) guidance which means that the valuations we provide are aligned with the highest residential and commercial standards.
We typically also visit the property or site which will facilitate a more accurate valuation (by seeing the condition and confirming measurements, for example). However, this may not always be necessary and we would completely understand if you would prefer to keep the sale confidential at this stage.
A member of the team will be in touch to discuss our findings alongside our suggested guide and reserve price recommendations.
Appreciating the extra complications involved in this type of transaction, we’ll typically roll out an initial marketing period of 2-4 weeks. Over the last 6 days, we’ll open the property up for competitive bidding via our online auction platform.
In most cases, we’ll run the auction unconditionally – taking a non-refundable reservation once the bid is won. The successful buyer will immediately exchange contracts when the hammer falls and pay a 10% deposit which will be transferred into the solicitor’s account (via our own PropertyMark approved client account).
We’ll then extend the overall sale completion period – to either 28 or 56 days – so that you do not lose out on getting complete security of sale. See our complete guide to auction sales here.
Offering a fully comprehensive service, you can rest assured we’ll get your building or plot listed within very short timeframes, guarantee excellent exposure and get a great price!
We can visit the property, plot of land or site 7 days a week at a time convenient for you. However, this is not always necessary and can completely handle things remotely should you prefer.
Sometimes, especially if the legal pack is already prepared, it makes sense for us to take photos and produce a floorplan at the same time. We can also organise the Energy Performance Certificate (EPC) if necessary.
This means we can get your property listed on all the portals quickly (within days of instruction should you so desire).
You are under no obligation to book a Royal Institute of Chartered Surveyors (RICS) valuation / report.
It can, however, sometimes encourage more potential bidders as more feel comfortable with proceeding and things are being kept transparent.
Once you are happy with everything, we will send you our auction sales agreement via email.
This needs to be ‘e-signed’ by all owners for us to be able to move forward with the marketing of your property.
We’ll require a set-up fee to get started on the auction process. We charge this amount as there is a lot of work behind the scenes.
Note that, for an extra cost, you can opt to pay this fee upon completion.
You’ll also receive a copy of the terms and conditions (these are in line with 4th Edition of the ‘Common Auction Conditions’ reproduced with the consent of the Royal Institute of Chartered Surveyors).
We are, of course, completely available to answer any of your questions.
We rarely suggest moving forward with any kind of auction sale without a legal pack in place.
The solicitor will verify and provide us all the relevant details (highlighted above) to upload to our auction platform. These details can then be downloaded by the buyer(s) / buying entity.
Omitting this key information often means that buyers will feel less confident about the purchase and bid lower (or not at all).
PS Development Services have conveyancing partners we can put you in touch with who offer competitive ‘pay now’ and ‘pay later’ options.
Please check out our propety auction sellers legal guide.
If this process was not undertaken during our initial viewing, we’ll get these organised with one of our locally-based professional partners.
Please note there are no extra charges here (even for the Energy Performance Certificate if you do not have an up-to-date version).
In order to ensure that we can market your property in the best possible way, we may also request other details during the photography session.
Key to getting the best result is making sure the right time of buyer will see your property.
We take pride in providing high-quality listings and your property will be published on all the major portals to draw in the maximum amount of attention (see where we advertise). Rest assured, this is what we do best!
Our auction team typically recommends marketing the property for 21 days before starting the bidding process. This gives However, we are happy to adjust this as circumstances dictate.
Our viewing experts are available 7 days a week to host viewings.
In many cases, we run open days where we invite multiple buyers to view the property, land and/or site. This often serves to create a competitive environment when it comes to the bidding process.
Provided that you are comfortable with handing the keys over to us until completion, we are happy to take full control of this process to keep things completely hassle-free for you.
We will also make ourselves fully available to answer any questions relating to the property and can run second viewings when appropriate to do so.
By law, we are required to formally register potential buyers before allowing them to bid on our auction portal.
This requires us to undertake full identification and Anti-Money Laundering checks to ensure that there is nothing untoward.
Undertaking this process saves a lot of administrative hassle once the auction process concludes.
Prior to the bidding process, we will send all qualified buyers our operations guide, explanatory information and make ourselves fully available to answer any questions.
We typically allow a 48-hour bidding period and will continually monitor progress and advise you accordingly. You will also be able to see bidding activity directly on the portal. We will also advise you of any proxy bids – i.e. where buyers enter a maximum bid and we bid up to that amount on their behalf (similar to eBay).
We usually allow qualified bidders a 48-hour period to submit. There is no limit to the amount buyers can bid up to, we will be sending automated alerts when their bids have been beaten.
At the end of the bidding period, the virtual hammer will fall and the sale price is confirmed. You will be able to see the final price on the portal itself but we will be getting in touch to confirm things also.
We will also be communicating with the winning buyer to confirm the next steps, completing the Memorandum of Sale and moving things forward.
With all of our auctions, the buyer will be required to pay a non-refundable reservation fee of 2% + VAT to secure the property.
We usually take a pre-charge on all bidders debit/credit card and the money will be withdrawn from the winning bidder automatically. This avoids any confusion at the close of the auction. Furthermore, this financially commits them to the sale and the terms and conditions of the auction contract.
One of the beauties of selling at auction is that, once the hammer has fallen, the chances of things falling through are slim to none.
In most auctions we run, the terms and conditions state that exchange of contracts happens at the fall of the virtual hammer. This means that the buyer (unless otherwise agreed) must pay a deposit of 10% and complete on the sale within 28 to 56 days.
Failure to do so could mean the loss of the reservation fee, deposit paid alongside other financial penalities and abortive costs.
Although much of the legal work is already completed pre-auction, there will be some final processes to undertake. You will also be sent legal documents to sign to finalise the sale.
Once the sale is complete, our auctions team will be completely at hand to organise key handovers and assist with any other issues that may emerge.
PS Development Services are very keen to build long-term strategic partners with land brokers and estate agencies with suitable auction stock.
We offer excellent referral fees and a full tracking process.
We are very interested in working with land finders use several online tools, particularly the Land Registry, to find out owner details and communicate directly. Our aim is to open a non-obligatory and informal dialogue. At this juncture, we completely understand that property and land owners may simply be curious as to what the redeveloped value of the land as a result of adding planning value would be and selling may not even be a serious consideration.
Very Competitive Offers Excellent Referral Fees