Online or in-the-room: which auction method suits you?

Auctions have always been a brilliant option if you want to sell property fast but as technology has developed, in-the-room events have been joined by online auctions, where anyone with a wifi-connected device is able to participate.

If you need a quick property sale or are considering buying your next home at auction, it’s good to know the differences between an event that you personally attend at an auction house and an online auction that you can join at home. There are benefits to both, as Move Places explains below:-

Buzz of the room or bid at home?

For many buyers, the auction room atmosphere is part of the appeal, especially sizing up the opposition and sticking your hand up for all to see. For some, the event can be overwhelming, intimidating - and a nuisance if the bidder has to travel – so using an online auction allows buyers to bid anonymously from the comfort of their sofa.

Spontaneous or controlled bidding?

With others potentially bidding for a property you really want, buyers can get carried away thanks to physical auction room pressure – one extra bid and you’re over budget in the heat of the moment. If you think this may be you, an online auction is a far more measured affair. A property lot will be advertised with a set auction end and buyers can take their time to enter their bid, without any of the immediate and palpable in-the-room tension.

Wait for the next auction or list when you like?

In-the-room auctions are big events and they typically occur every quarter, using the months in between to create catalogues and promote the date. This makes physical auctions great for those who have the time to wait but what about buyers and sellers in a hurry?

Online auctions, like the ones run by Move Places, allow sellers to list properties when they like and set the duration of the auction to suit their circumstances. Purchasers can check in as frequently as hourly, as new lots are added all the time – think of an online as a rolling event, rather than a one off.

Sold in minutes….or days

Auctions always offer an express property sale, no matter their format, as the buyer exchanges as soon as the bid is accepted. With in-the-room auctions, the event is done and dusted on the same day, with each property having a slot and auctioneers briskly moving through the catalogue. The speed suits some buyers and sellers but it can be off putting.

Move Places runs its auctions so the seller can set the amount of time the auction is open for. This can be a week or more to ensure purchasers have time to consider the property and perhaps arrange a viewing. They can also limit the auction period to a couple of days – 24 hours even – which is ideal for those who need to attract motivated buyers for a quick sale.

Online auction benefits:

• Properties can be offered for sale on a conditional or unconditional basis
• Sellers can set a reserve, knowing there will be no sale if it’s not met
• A digital legal pack is created ahead of the auction start date – with potential buyers able to securely view documents online
• Buyers can create property alerts – a bit like bidding on eBay – to see if there’s any bidding competition and whether the reserve is anywhere near met
• Sellers can set how long the auction should run for – days or weeks
• Bids can be in a ‘live’ capacity, manually entered online by the buyer, or by proxy, with an online system making bids on the buyer’s behalf
• Exchange happens when the auction period ends and if the reserve has been met or surpassed

Move Places specialises in offering sellers a quick property sale with flexible options. As well as online auctions, we sell on the open market as an online estate agent, and can make a cash offer to vendors via our sister company, Open Property Group, who offers exchange in as little as seven days, for those in a real hurry.

Browse our frequently asked questions section to learn more about our express sales service, or get in touch – our friendly team is happy to offer advice.