It’s been all go for our auction team over the past few months, with our June online auction producing fantastic auction results and July hosting two auction events in quick succession. Furthermore, our most recent auction was one of our largest yet – with some suitably impressive results!
A key driver of our success is our proven marketing and sales process and the determined dedication of our auction professionals. This is all the more important when vendors face challenges requiring them to sell properties quickly.
These challenges can range from selling a property as probate or needing to upgrade to a larger commercial property to managing an investment portfolio. Indeed, with some landlords currently seeking to exit the rental space and others seeing the opportunity to invest in their existing portfolios, the need to complete property sales quickly and efficiently is more important now than ever!
If you have a property to sell and are interested in learning more about how the auction process can achieve the same return as traditional property sales at a fraction of the time, simply contact our professional team using the link below for a free valuation without obligation.
Our 24th-25th July property auction was an incredible event with over 100 lots on offer! We exchanged contracts on 54 properties, generating sales of over seven million for our vendors.
If you missed the auction there’s still a chance to take part, as we still have a few properties available for purchase. For an opportunity to snap up a final lot or to see all the results for yourself, simply follow the link below to visit the 24th-25th July auction page.
With so many lots on offer during this auction, it’s been even harder to pick just a few auction success stories to highlight. However, the following examples have been selected to show how online property auctions can deliver fantastic results, especially for vendors who need to sell property quickly or achieve a specific price.
Our team is fully aware of just how effective their auction process can be at driving impressive results, but sometimes even they are surprised at just how much interest a lot can generate.
One of the advantages of Edward Mellor online actions is that vendors can set a minimum reserve for their property, meaning that their home will never sell for less than a price they agree to. However, this certainly doesn’t mean that a property can’t sell for much more than was previously expected, which was the case here with 95 Wheler Street.
This property was sold as a joint effort with our Droylsden Office, highlighting how the local knowledge of Edward Mellor enables our teams to develop the most effective marketing strategies for our properties.
Although Wheler Street was in need of some modernisation, it was set in a popular part of Openshaw, so we were sure that we could achieve a good price for the vendor. We agreed on a starting bid of £60,000, which was close to the vendor’s expectation for the property and quickly began marketing the lot.
The property proved to be instantly popular, achieving 20 viewings and five pre-auction offers. With such high interest in Wheler Street, it was decided to allow the property to continue on to the auction and on the day of the sale, there were eight bidders competing for the lot.
When the hammer finally came down, Wheler Street sold for a stunning £114,000!
Naturally, the vendor was thrilled and contacted the team to express their thanks. “Hi Louise, Mike and Freya. Amazing result! Sincere thanks to you all for your help and support.”
You can view the original auction listing here.
Sometimes a vendor will take a little while to finally decide to take a property to auction, or they may have other obligations to take care of before they are able to sell. Our team are always happy to speak with clients and as soon as the decision to sell is made, they’ll spring into action to make sure that the vendor achieves the result they need.
One of our long-time clients first spoke to our Valuation Manager, Dale Cox, about 56 Norwood Road several months ago. During the conversation, the vendor revealed that to sell the property they would need to achieve a price in the region of £275,000.
We felt sure that with the right marketing, this was an achievable price so when the vendor finally decided to sell we were ready to make sure that the property performed well on the day of the auction.
After the first block of viewings, we knew that there was a lot of interest in Norwood Road, so we were confident on the day of the sale. When the hammer came down, the property sold at a fantastic £344,000 – £69,000 over its reserve price!
You can view the original auction listing for Norwood Road here.
Often one of the challenges facing our vendors is that they wish to sell a tenanted property, as was the case with number 2 Mersey Close.
Another one of our long-standing clients approached us to sell this property at auction without disrupting the current tenants. This is certainly something we are used to however, we were only given internal photos of the property without access for viewings.
This can make it challenging to access the levels of interest in a property however, with our years of experience we were undeterred as we began marketing the upcoming sale.
Based on the seller’s hopes and expectations, we set a starting bid of £125,000. On the day of the auction, there was a rush of healthy bidding on Mersey Close from several interested buyers, which saw the property sell at an impressive £149,000.
This was a great result for the vendor and our team and a great demonstration of how our experience allows us to generate fantastic results in unique circumstances.
You can view the original auction listing here.
Yule Street was brought to our attention by our Property Management team, as the landlord was looking to sell. We discussed the possibility of selling Yule Street as a tenanted property, but the vendor decided to press on with the eviction process before selling. The eviction took seven months to complete and the landlord found the property in a poor state of repair once the tenants had left.
However, this was not a concern as we had already discussed a reserve price that factored in the property’s condition. With our market knowledge, we knew there was strong interest in properties with potential for added value.
We began work on marketing the property and agreed with the vendor on a reserve price of £150,000. On the day of the sale, there were a number of interested bidders with the hammer coming down at an impressive £173,000 – £23,000 over the reserve price!
It was a great outcome, which further highlights how our proven auction process can generate great results for our vendors.
You can find the Yule Street listing here.
Our final success story for this month concerns a mixed commercial and residential property where the landlord had again found that their previous tenants had left the building in a poor state of repair.
We met the client at the property to see the extent of the work required, after which we discussed a marketing strategy to suit the client and deliver the best result.
Our strategy was to set a starting bid of £95,000 and a reserve price of £100,000. This would attract a broader base of bidders and ultimately drive the price up. The vendor agreed and trusted, allowing us to prepare the listing and begin marketing the auction.
On the day of the sale, York Avenue sold at £190,000 – well above what the owner had hoped for.
The full auction listing can be found here.
It may have been a busy month with some incredible auction results, but we’ll be back again soon with another auction and a new batch of auction success stories.
If you are looking to sell your property at auction, speak to our auction experts today. Edward Mellor is a leading national property auction house and the only organisation locally that combines auction, estate agency and financial services all under one roof.
Our next online property auction is set to take place on 14th-15th August 2024, so register today to bid and access legal packs for the properties on offer.
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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