I’d like to introduce you to Nick, our Head of Commercial Auction. He’s the expert ready to answer all your commercial property questions!
Hello, I’m Nick and I have nearly 30 years’ experience in commercial valuing and Auctioneering. I have decided to share my professional expertise and answer the 4 most popular questions I get asked.
If you can’t find the answer to your question, drop me a line directly, [email protected]. I look forward to helping you on your journey, buying or selling.
The rule of thumb is if you can live in it, it is residential!
The fundamentals are the same when selling by auction, primarily it is about the price and about the contract and security.
In general commercial sales on the open market (private treaty) take longer to get exchanged and completed due to more complexities in funding, finance and legal titles.
With auction, it is a far speedier and secure transaction. In most cases, it is only 12 weeks from “Hello, look at me, I am for sale! To, “We are happy to say it has completed!”
I think personally what auction provides for commercial property sales is further reaching marketing, in effect to the whole of the market locally, nationally and globally which in turn creates competition too.
Funding is more difficult on commercial as it is not “computer says no, or computer says yes”. The process can be slightly more prolonged but it’s definitely achievable!
People commonly buy with bridging finance and mortgage later on. Often it’s 6-12 months later enabling the buyer to add value where necessary such as renovate and refurbish.
For more information on auction finance click here.
What we can tell you today is what is currently popular based on sales trends and also when the most effective time to hit the market is.
Many people think auction is all about derelict property, it isn’t. It is about value. Obviously derelict properties and land where value can be added are eternally popular.
In terms of investment, Commercial properties with a return or with the future of a return appeal to a certain part of the market. Usually, these attract an investor who is looking for less hassle from a tenant!
The simple truth is that every type of property or land if correctly priced sells no matter how the market is perceived.
As a vendor, everything is great if it sells! The auction is all about creating demand coupled with the security of a contract and fixed timescales: this brings your wealth quickly.
In the commercial market, there are many more disciplines. If you walk into a traditional commercial agency practice there are individual specialists for retail, health and leisure, care homes, pubs, clubs, industrial, warehousing, offices, investments, land, etc.
The list goes on and on! We have it all in-house, we deal with everything and there is always a person on hand to discuss any questions you have!
What we set out to do is create a “blueprint” for selling. As we have already mentioned it simply boils down to price and reserve price (the price which it can’t sell below) following a period of intense marketing.
Like the residential properties, it will start with a valuation from our Commercial team.
There are far too many examples of how this process could work for you. One of my favourite recent cases (nothing to do with having a few pints with the owners after the sale of course) was Peter and Nikki.
They had a commercial property in Stockport, a really decent property with a superb flat over it and a very large back yard with gardens, outbuildings; a real little oasis off the main A6.
Our research had shown that Peter and Nikki had been on with a succession of agents over a period of 12 months – we were invited to see him and his partner – what was clear was their desire to sell quickly, securely and with as little fuss as possible.
By talking to them both, listening and understanding what Peter and Nikki wanted we were able to give them the proper advice that they had sadly been missing.
By understanding and talking to them both we were even able to sell a flat for them in Whalley Range at the same auction and guess what? It went for a very, very good price as well.
They were debt free, hassle free and able to go off and live their dreams. Here is Peter talking about how we sold for them:
It is good to talk; we do not believe there is ever a bad conversation to be had. We are not here to simply tell you your property is worth millions, sign you up, forget about you and sell your lot for nothing.
In fact, we make sure it is all about you, your future, your aspirations, we go on the journey together.
We are known for a no-nonsense straight-talking approach with our clients.