How To Sell Your Property At Allsop Auction
About Allsop Auction
Allsop Auction is an auction house based in London. It’s one of the most widely known and very popular auction houses in the UK. What makes Allsop Auction unique is the fact that it has a vast experience, great skills and some of the top people in the industry. Additionally, Allsop Auction is a company that maintains an honest, professional approach when it comes to business.
Allsop Auction covers a variety of regions in the UK, including London. The company has auctioned more than 520 properties during the past year, which is 40% of their business. When you want to sell your house via an auction, ideally you want to pick an auction house that’s within your region.
Types of Properties Sold By Allsop Auction
74% of the residential properties sold by Allsop Auction are residential, and 18% are commercial properties. The company sees an average selling price of £306,803 for commercial properties. By comparison, the national average is £176,960. This shows the company caters to the higher tier market. Then there’s also the fact that it also covers regions where the property prices are more expensive in nature.
The amount sold is as follows
£1 – £100k 32%
£100k – £250k 27%
£250k – £500k 25%
£500k – £1m 11%
£1m + 5%
Allsop Auction Performance
Performance is usually split in 3 parts, the market share, customer satisfaction and success rate. The market share is 14.1%, which makes the company the 6th largest auction house for Wales and England. 821 properties were sold via auction in the past year. Whenever you want to sell your home, having a larger market share via the auction house gives you much better results. Still, a smaller auction house can still provide you with some great benefits and results.
Allsop Auction Fees
At Allsop Auction you have standard auction commission fees, 2% and the additional VAT.
Commission Fees
Commission fees at Allsop Auction are paid by the seller. The commission fee is subject to a specific minimal amount and the adjacent VAT. Allsop charges sellers because in doing so, buyers are not going to bid less. It makes the bidding process better and more cohesive, while still offering a comprehensive set of bidding solutions and methods.
Buyer’s Premium
Buyers will pay a fee of £1,040 + VAT as a premium. With that in mind, you do want to use the checklist which gives you a good insight into the auction fees and what you can expect.
Sellers also have auction fees to pay as well. They have an entry fee of £500 + vat and this is not refundable. So even if the property doesn’t sell, the seller still has to pay these fees. And on top of that, there are legal fees, which are separate from the Allsop auction fees. Normally, these legal fees come upfront as the legal pack, and there’s also a legal fee paid at the end when the sale is completed.
How Does Allsop Auction work?
Allsop Auction runs a traditional set of property auctions. Usually, auctions are taking place each 5-6 weeks. A regular auction has a 10% non-refundable deposit, with the contracts being exchanged on the spot. The buyer then has to finalize the payment within 20 days or any other agreed completion period.
Valuation Process
The auction team will perform the property appraisal and will work closely with you to set the right reserve price. Then you can choose if that’s a good price and if you want to continue. The contract with Allsop Auction runs until the auction date, but you can choose to extend it for around 45 days in case the property doesn’t sell.
The Auction Date
When the auction takes place online, you are able to see how many people are viewing the property and also watch the bidding process. In case there is a bid for the reserve price, the exchange of contracts takes place. That means the buyer has to pay a 10% deposit on the spot and then the remaining amount within 20 days.
In case the property doesn’t sell, then the contract will extend with 45 days. Allsop Auction will focus on setting up a post-auction sale. And yes, you will also enter the next lot without dealing with any extra cost. Plus, if the property is still not sold after 45 days, then you are released from the contract.
Marketing Your Property
The property is advertised in the Allsop online catalogue. It will also be featured on property search platforms, and there will be a “for sale by auction” sign. Aside from that, Allsop Auction will also promote your property by adding it to its own database where around 70k bidders are able to see it. On top of that, there will be comprehensive advertising campaigns in print adverts and publications to help promote everything adequately. The advertising timeline is 3 weeks before the auction date. That ensures the property is visible and many buyers get to see it.
What About Property Photos?
One of the Allsop Auction team members will come to the property and perform all the necessary measurements. They will also be the person taking photos for the property. There are additional services like video walkthroughs or photo plans, all of which are accessible at an extra cost.
What is The Viewing Process?
The viewing agent will perform 4-5 viewings before the auction. Ideally, the agent needs to have everything from the full property address to photos, tenure, tenancy info if applicable, floor plan and room sizes, title plan and any other relevant information.
Can I Sell My Property At Auction?
It’s important to note that most properties can be sold by auction. However, in some cases you might be better off using alternative methods. It all comes down to the specifics of each property and what suits your needs the most.
Who is Selling Properties via Allsop Auction?
Allsop Auction have a variety of vendors, ranging from private investors to property owners, banks, local authorities, property companies, government bodies and many others. Additionally, Allsop has a great track record when it comes to selling probate properties for trustees all over the ok. The probate properties in particular are great for auctions.
The Benefits of Selling Properties At Allsop Auction
The main advantage of property sales via an auction is that you have a certainty of sale. You have a biding contract and the buyer is committed right away. Sure, you do need to be realistic with the sales price, but it’s a safe way to sell a property.
On top of that, you have some of the best prices. Bidders will one up each other as they try to grab a specific property. Since there’s competition, there are chances to reach the desired sale price or even get past it.
Auctions are rather quick, so you can easily finalize this process without having to deal with any major problems. That alone makes it a great solution and certainly a thing to take into account.
Since these auctions are transparent, the seller gets to ensure that they have the best results and everything works as expected. Also, you can have multiple properties being sold on the same day.
How Does The Sales Process Work?
Allsop Auction provides a non-obligation free valuation and you will learn if an auction is indeed the best way to get the best price for the property. If that’s the case, Allsop provide an estimated sale price and a reserve price too.
Price Guides
Allsop Auction will agree to a guide price, where will help you narrow down the specifics, and also ensure that the guide price is going to give you the best return.
Agreeing To Fees and Terms
Then you will go through our terms and conditions, and Allsop Auction will also showcase any of the commissions and fees that Allsop take during this process. Proof of identity According to the Anti Money Laundering regulations, Allsop need to ensure that your address and identity are valid. In case you are representing a seller, then the checkup is made for the seller.
Inspection Process
One of the Allsop Auction surveyors will visit the property and perform the necessary measurements. They will also take any photos are needed. Then the draft sales particulars are sent to the solicitors for approval. The solicitor will also need to prepare the legal pack.
Marketing
The properties in the Allsop Auction catalogue receive a large exposure via marketing. The catalogue is accessed by more than 70k potential bidders. Allsop also promote your property on our website, where buyers can add their bids, see the auction, create a watchlist and also search facilities the way they want.
Allsop will also list the property on major property portals, if available. In addition, Allsop run comprehensive advertising campaigns for each one of the auctions, including print campaigns. As needed, Allsop will also offer For Sale boards. Allsop also offers targeted marketing where Allsop focus on specific types of clients that might be interested in your property.
Reporting
All the enquiries and interest shown in your property is logged. Allsop always stay in touch with the buyers and also record their enquiries. This shows us how many buyers are interested in the property. Sometimes there will be some pricing indications for the property too.
Drafting Documents
Allsop Auction have an online legal system that handles all the documents. Allsop will let you know how many legal packs were downloaded by potential bidders during the marketing process.
Reserve Price
Around 2-3 days before the auction takes place, Allsop will agree to a reserve price, all based on the marketing campaign feedback. Sometimes adjustments are needed, but this is not mandatory.
Auction day
During the auction day, buyers will bid and the buyer that agrees to your property’s price will have to pay a 10% deposit to Allsop Auction, and there’s also a buyer fee too. Allsop carries all the buyer checks to ensure there are no problems.
In case the property won’t sell that day, then the contract period is extended to 45 more days. Allsop will get in touch with the interested parties, and best bids will be invited.
Completion
After the property is sold, the conditions require buyers to pay the agreed amount in 20 days. However, the timeline can differ and you have to agree to it before it goes into effect.
Why Should You Choose Allsop Auction?
Allsop Auction is one of the top property auctioneering companies in the UK. On top of that, Allsop provide impartial advice, so you always know if the company is better sold via private treaty or auction, both methods being supported by Allsop. Our team will help you find the ideal sales option based on the specifics of your property.
In addition, Allsop Auction offers a vast exposure and Allsop always bring in the best expertise and knowledge. Allsop also provide some of the top marketing campaigns to help promote your property. Allsop has been in the industry for over 100 years and our team is widely respected in the industry. You won’t have to deal with any stress or problems, instead everything will be managed according to your needs. Around 80% of the properties entered in the Allsop auctions are sold, a true testament to the service quality you will receive when working with our company!
Sell Your Property At Allsop Auction
If you’re trying to sell your property fast through auction, Sell House Fast Group can help. We have a range of different options that can help you sell your property quickly and efficiently at auction.
We work with all the major auction houses across the UK including Allsop Auction. We can manage the auction process for you, including a free valuation, setting the sale price and saving you costs, ensuring you get the best deal.
Benefits:
- Up To 100% Of The Market Value
- Completion From 28 days
- Save Money On Auction Fees
- Free Valuation and Advice