With February comes Valentine’s Day – a time when we reflect on the importance of relationships and the people we care about. As if by fate, our February 2024 property auction both reflected this theme of relationships and generated some fantastic results that we can’t wait to share with you!
During an exciting few days over the 14th-15th February, contracts were exchanged on 27 properties, generating combined sales of over £3 Million.
If you missed out on the action this time, don’t worry – you haven’t missed out! There are still a few properties available post-auction, and with our next online property auction scheduled for 6th-7th March, you’ll soon have another opportunity to bid on several exciting lots in person.
One of the most important aspects of running a successful property auction is building a relationship with each and every one of our property vendors. This allows us to understand the property seller’s unique circumstances and help them achieve the best possible price at auction.
During the auction process, our team works with sellers to arrange a free property appraisal with one of our expert valuers. Then to offer clients full peace of mind, we agree on a desired sale price and set a reserve before finally going to auction.
Once a property has sold, vendors can expect to receive their cash in as little as 28 days.
Offering such a simple, yet personal approach to our property auction process has allowed us to build a reputation as one of the largest and most successful residential and commercial property auctions in the North West.
It’s not uncommon for clients to return to us time and again to sell their property when the time comes and we’re always happy to provide a level of service that you won’t find anywhere else.
35 Manchester Road is a wonderful example of where we have worked with a client and developed a relationship, which has seen them return to work with us again to achieve exceptional results.
The property itself was a large tenanted house with two flats, delivering a good monthly rent. Both flats were in great condition and let to a company who house people on behalf of Manchester City Council. This represented a ready-made opportunity to buy into a returning investment to the right buyer.
We had previously sold the property next door (number 33) at auction for our client in February 2022. During that sale number 33 sold for £152,000 – £12,500 over its reserve of £140,000.
Having decided to also sell number 35 Manchester Road, the client came straight back to us as they had been impressed with their previous experience.
We agreed that selling for the same price as number 33 had sold for might be challenging in today’s market, so we decided on a cautious approach. By setting a conservative opening bid of £125,000 we were able to encourage buyers to bid and eventually reached a final sale price of £157,000 – a stunning £17,000 over the property’s reserve price!
Here’s what our client had to say:
“My partner and I would like to thank you for the outstanding efforts of you and your team. From start to finish the service, support and advice have been first-class.
We believe that as a direct result of your excellent marketing, we achieved a sales figure far in excess of our expectations!”
A great result for everyone involved and a pleasure to be working alongside a previous client.
Part of building customer relationships is turning heartache into happiness when things haven’t gone right. 67 Hyde Road is a great example of where a client had previously had trouble completing a sale and was looking for a quick and reliable solution.
This Hyde Road property represented a unique opportunity, with the potential to be converted into a 9-bedroom HMO (STPP). Certainly, a fantastic cash flow returning investment to the right investor.
The vendor approached Valuation Manager, Dale Cox after their buyer had continued to delay the final exchange of contacts and made several false promises. Having decided that they were fed up with waiting, the seller decided to contact Dale and discuss the possibility of selling at auction.
Both Dale and the client were sure that they could sell the property at auction and achieve a similar outcome to what the vendor had previously negotiated, while delivering a smooth exchange and completion.
The property went live just a week before the start of the auction, so the team worked hard to generate interest in the lot. The auction itself was a huge success and when the hammer finally dropped, the property sold for £270,000 – £65,000 in excess of the client’s reserve!
This was a great result for both the client and the Edward Mellor Auction team. So much so that the client came through with some appreciative feedback for Dale personally:
‘I have always been impressed with the service and knowledge of Dale Cox at Edward Mellor Auctions. He has always made the process simple and understandable, whilst also helping us achieve an excellent price for our sale. I am excited to continue working with Dale and the Edward Mellor team to hopefully have a successful 2024 together!’
Another important role for the auction team is building trust with property vendors.
This is because selling at auction is new to many of our clients, so it is important to help them understand the process and show how property auctions can be a highly effective alternative to selling on the open market.
This was the case with the sale of 19 Gould Street in Denton, Greater Manchester. This two-bedroom terraced house featured a good-sized lounge and dining room, two bedrooms and a bathroom. It also boasted both a front and rear yard. Although Gould Street needed a little TLC, the property had excellent potential as either an investment project or a rental property with a predicted yield of over 11%.
Despite its potential, Gould Street had previously struggled on the open market. Even so, the vendors were initially hesitant to explore the auction route. This is where the dedication and skill of our auction team in explaining the auction process was so critical in convincing the seller to take the property to auction and ultimately achieve remarkable results.
On the day of the auction, Gould Street eventually sold for £135,000 – £30,000 over its reserve price. This terrific result exceeded both the original market value of the property and the vendor’s expectations.
It goes to show how taking the time to build trust and provide the right guidance can deliver outstanding results.
It’s been another busy period for the auction team and we’ve seen some fantastic results! However, as is always the case all eyes are now on what comes next. Our next online property auction will take place on 06th-07th March 2024 and there are already plenty of lots ready to go under the hammer.
If you would like to find out more about selling at auction or how to register to bid, please do not hesitate to contact the auction team on 0161 464 7903 or email [email protected].
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