With how successful our April online auction was, selling a total of 21 lots and raising over £1.2 million, we had high expectations for our first June online auction.
But we couldn’t have expected the absolutely fantastic results we achieved yesterday!
Our dedicated auction team have been working hard over the past 5 weeks to bring people and property together. Quickly adapting to the “new normal”, their amazing efforts resulted in an outstanding sale of 23 lots and a total of £2,769,000 raised! View the full June results here.
With the property market only reopening a mere 3 weeks ago, we couldn’t be happier with what our team have achieved and even more so for our vendors!
“Another really exciting day! In this fast-paced property world, things are constantly moving forward and our Online Auction is proving to be a great way to buy and sell! Since the market was given the green light to reopen we’ve seen record levels of enquiries come through. To assist our customers with this, we have made the decision to add more auction dates to our calendar and conduct one every 3 weeks. Making the customer journey as smooth as possible, is at the heart of everything we do.
Take the virtual viewings option for example, this has now made our properties more accessible than ever, resulting in more buyers bidding. Just take a look at some of the sales from yesterday… With lots of business done before this auction, we’ve already sold over 54% of the properties available. There are still some great opportunities remaining, and with the current demand levels, we don’t expect these lots to be around for long! Confidence is clearly high in the market, so if you’re considering buying or selling at auction, speak to one of the team on 0161 443 4740.”
We still have a few fantastic properties for sale post-auction, so make sure you take a look. You could bag yourself a bargain!
Let’s take a second look at a few residential and commercial properties that stole the show at our first sale of the month.
One of the highlights early on in our online auction was the sale of the above 3-bedroom end-terraced property in Openshaw.
Inherited from a family member, the owners had considered renovating the property however realised it was quite a bit to take on and perhaps too emotional as well.
They wanted a clear and swift sale and knew Edward Mellor Auction could help them achieve this.
After speaking with the clients and discussing recent sales in the area and also the condition of the property, we advised them to guide the property at £59,000 with a very keen reserve price to ensure it sold.
With the help of the virtual tour, photographs and floorplans, potential buyers were able to gain a really good idea of what they would be bidding on without needing to leave their own homes.
All of the above together definitely helped generate a lot of interest, with a few pre-auction offers of around £70k even being brought to the table. Although tempting for our clients, we knew we could achieve more and we encouraged them to let the property go to auction – and we’re sure they’re happy they did!
Before going under the virtual gavel this property had more than 50 registered bidders watching it and finally sold for an amazing £96,000!
With years of knowledge and experience under our belt, we are the experts when it comes to accepting a pre-auction offer and when to let the auction work its magic.
As not all investments come in the shape of a house, our next star lot is Lot 15, a former newspaper office with full planning for residential conversion in Stalybridge.
The investment company that had bought the property came to us as they knew we could help them achieve a quick and secure sale.
Their planning for 10/12 flats was about to lapse and they were struggling to secure finance to get the project up and running. They already had a private deal in place of around £400,000, but the buyers were cautious and were trying to lower the price due to the current climate.
So the owners came to us.
Unfortunately, we were unable to do a full virtual tour but that didn’t stop us from letting our buyers know exactly what they were going to be bidding on. We made a very comprehensive floor plan which helped buyers understand the scale and what could be achieved with the property, supported with internal photographs where possible as well as architect drawings.
The property generated quite a bit of interest and we were able to conduct socially distance viewings. This resulted in the company receiving a pre-auction offer of £442,500 – an amazing £42,500 above what their previous buyers had offered!
Acres Lane is a great example that auction really does help encourage buyers to make quick decisions and prevents sales from dragging their feet.
Our clients are more than happy with the result and will receive their money in less than 28 days!
The next property we’d like to talk about is Lot 38, a two-bedroom apartment in Denton.
Previously on the open market and sold with our Denton branch, the owner came to auction after the sale fell through due to the current climate.
We had successfully sold an apartment in the same building for the same client, so they already knew what we could do and had complete confidence in us.
After a lengthy discussion with our client, we guided this property at £69,000.
The virtual viewing helped pique interest in a motivated buyer and after speaking to them, agreed to meet them on Monday for a socially distanced viewing (PPE provided of course!).
24 hours later, this buyer purchased the property for £79,000!
Quickly adapting to the new-normal, our team were able to help this purchaser view the property which helped confirm their decision to buy!
The final lot we’d like to shed some light on is this 3-bed detached bungalow in Clwyd.
An emotional time for the family. They had enjoyed many beautiful years here and had recently inherited the property which was hand-built by their father.
After many years the home had fallen into a bit of disrepair so the family decided auction was the best route. It was immediate from the offset that we were united as an agent and seller to do the best possible service and achieve the best possible price.
We advised the client soundly based on recent market activity and agreed on a guide price of £190,000.
Our client was very impressed with the virtual viewing tour, floorplan and photographs despite the difficult lockdown climate. The remote location was an added benefit as it helped ensure all potential buyers had an opportunity to view and be aware of not only the property but the stunning plot it was nestled on.
After a handful of pre-auction offers, the owners agreed on a sale of £228,000!
Although a difficult time for the family, our team helped create a trusting and respectful relationship which helped achieve a swift, hassle-free sale, but most importantly, to the right buyer.
— EdwardMellorAuction (@MellorAuction) June 22, 2017
The success of our online auction just goes to show that despite these unpredictable times, life goes on and the process of buying and selling property is still something that can be achieved.