Land & Property Online Auctions
Our dynamic online auction platform provides a modern alternative to buying and selling property, moving beyond the confines of a traditional auction room.
The platform retains all the benefits of conventional auctions, while introducing greater flexibility for both buyers and sellers, and maintaining the transparency and reliability that are hallmarks of the auction process.
What are online auctions?
Online auctions are a modern, reliable way to sell property, offering a fast, secure and transparent method of sale that also represents excellent value for money.
Properties are listed as individual lots using advanced auction software hosted on our website. Prospective buyers can view and access these lots at fishergerman.co.uk/current-auctions, as well as through the other online property portals we use.
Alongside our digital marketplace, each property is also promoted through a wide range of traditional marketing channels to ensure it reaches the widest possible audience.
Over 90%
of property buyers start their search online, now they can buy online too
Transparency is a big draw. Potential buyers have visibility of the current highest bid and can place competing bids in real time.
What are the benefits?
Flexibility
You decide when to sell making it much easier to plan the transaction
Commitment
A less pressurised environment than a public auction, encouraging buyers to participate
Exposure
Comprehensive marketing campaigns
Competitive
The ultimate open market test to generate the maximum sale price
Security
All buyers have ID verification and are approved to bid
Focus
Concentrated periods of promotion creating demand from motivated cash buyers
Certainty
Deposit paid by buyer after legally binding online exchange
Transparency
A highly visible process for buyer and seller
How does it work?
The appraisal
We will conduct a thorough inspection of your property, ensuring every detail is carefully considered in our professional assessment. We will advise you on the most effective method of sale and provide a bespoke strategy designed to achieve the best possible price, while also fulfilling your wider objectives. To maximise your property’s potential, we will put forward comprehensive marketing recommendations, including an expertly determined guide price, innovative promotional initiatives, and a clear outline of our terms of business.
Timing
The marketing period and duration of the auction, which is usually set at 28 days, will be agreed with you.
The reserve
The reserve price is agreed with you and may be strategically lowered at any stage to help secure a successful sale.
Legal preparations
Similar to a conventional auction, your solicitor will assemble a legal pack, incorporating searches, prior to the auction.
Flexibility
You can alter the auction’s closing date, choosing to lengthen or shorten it as required. Furthermore, a sale may be agreed prior to the auction, as long as this complies with the online auction’s terms and conditions.
What at first may look daunting is actually a very slick, refined process, perfect for vendors seeking a clear, well-structured sale and the true test of the open market.
Tom Dennes, Head of Auctions
Marketing
We will launch a targeted campaign aimed at generating the highest possible demand for your property. As with every auction, fostering robust competitive interest remains one of our primary objectives.
The buyers
We will contact as many prospective buyers as possible, allowing them to view the property and engage with us as your agents in the usual manner. They will be able to access property details online, and their professional advisers can review the legal documents at their convenience.
Verification
All bidders are required to successfully complete a biometric identification check for anti-money laundering purposes and must also supply a payment card and their solicitor’s details in order to participate in bidding.
Bidding
This process occurs online until the conclusion of your selected timeframe, allowing you to observe as bids are submitted and documented in real time. ‘Last minute’ bids reset the timer by five minutes, enabling the auction to continue and helping to secure the best possible price.
Exchange
A legally binding exchange of contracts occurs where the reserve is met and the timer reaches zero. The buyer pays a deposit of 10% of the purchase price by 12 noon the day following the auction.
Completion
Completion of the transaction occurs after a stipulated time period to suit you, typically 20 working days.
What are the costs?
We will agree an agency commission with you for conducting the auction, which may be either a flat fee or a percentage of the final sale price achieved. Additionally, a marketing budget and any contribution to be made by you will be agreed in advance. All accounts will be subject to VAT, and every detail will be clearly documented for your records.
The costs associated with the auction are payable by the buyer, collected in the form of buyer and administration fees, and retained by Fisher German. Importantly, this does not affect your total sale proceeds.
What are the alternative options?
Many people mistakenly believe that auctions are only appropriate for selling distressed properties, but they are increasingly proving to be the most beneficial option for a wide range of property sales.
Properties of all types, whether vacant, tenanted, probate sales, unmortgageable, or offering development potential, are ideally suited to online auctions. Homes that have remained unsold for some time and require renewed interest, or those intended for a ‘best and final offers’ conclusion, are also well matched to this method. Commercial, residential, and rural properties can benefit from the auction process.
Traditional in-person auctions can often feel daunting to some buyers and prove inconvenient for many. It is difficult to anticipate attendance numbers at
a physical auction. In contrast, with the analytical insights provided by an online auction platform, we can offer you a transparent view of the number of registered bidders.
Online auctions are designed to be more welcoming and flexible, encouraging wider participation, attracting serious buyers, stimulating competitive bidding, and ultimately helping you achieve the best possible sale price.
If we believe that an online auction is the most suitable strategy for the sale of your property and your particular circumstances, we will recommend this option to you. Should we determine that a different approach would be more appropriate, we will suggest an alternative method of sale, such as a traditional public auction, private treaty, or tender. Our team of specialist agency professionals will clearly outline all available options and provide guidance to help you select the most effective path.
Tom Dennes
Head of auctions
07587 033061
tom.dennes@fishergerman.co.uk
Mathew Brandon
Commercial online auctions
07584 473769
mathew.brandon@fishergerman.co.uk