Complete seller’s guide to auctions

When you choose to move forward with the auction, we’ll work with you to set a realistic reserve and guide price.

The guide price is published in the auction catalogue and gives buyers an indication of the expected price the property will sell for. This is set by your valuer and is usually set below the reserve price to generate interest and encourage competitive bidding.

The reserve price is the minimum price you are willing to accept for a sale. This is agreed between you and your valuer, with advice freely available if needed, and is not made public.

Once your property is confirmed for auction, a legal pack is prepared. If you use one of our panel of solicitors, we can instruct them on your behalf, and your legal fees will be covered by the buyer.

This legal pack contains all the documentation buyers need to review before deciding whether they want to bid on your property, including title information, searches, special conditions and any relevant documentation.

This legal pack needs to be available for inspection before bidding begins, and in most circumstances, changes cannot be made once the bidding window has opened. This is why early preparation matters and helps avoid delays or complications after the auction.

Your property is launched in our online auction catalogue – complete with professional photography and a virtual tour. This is where potential bidders discover your property, with the catalogue being widely distributed to ensure strong exposure.

As standard, we advertise on the three major property platforms: Rightmove, Zoopla and OnTheMarket – ensuring strong visibility and significant interest. Select properties will also benefit from promotion on our social media platforms, our email database and even in the local and national press.

Between the catalogue launch and the auction, potential buyers are invited to view your property at ‘block viewings’, similar to an open house, which we will arrange with you or your tenants ahead of time. We typically arrange 2 block viewings to give as many interested parties as possible the chance to review.

You don’t need to be present during viewings. Our team will be on hand to answer all enquiries on your behalf. We’ll also keep you up to date with interest levels and any feedback from viewers.

As viewings take place and marketing progresses, we gain a clearer picture of the interest in your property.

At this point, we’ll review the reserve price with you to ensure it remains aligned with market conditions. Where appropriate, we can discuss adjustments to help increase bidding activity and improve the likelihood of a successful sale.

Any decision to change the reserve price is always yours, with guidance provided by our auction team based on the market response.

The online auction runs over 3 days, closing in the evening of the third day.

Before bidding, buyers are required to register for an account and allow a hold of the bidder security on their payment card. This ensures that only committed buyers are able to place bids.

When bidding concludes and the reserve price has been met:

• The highest bidder secures the property
• Contracts are exchanged immediately at the close of the auction
• The buyer pays a 10% deposit (subject to a £3,000 minimum), forming part of the purchase price

The buyer’s deposit and buyer’s premium are taken from the pre-authorised card, with any remaining balance arranged directly afterwards. From this point, the sale is legally binding.

The sale typically completes within 28 days of the auction, with the exact timescale outlined in your property’s legal pack.

During this final stage, your involvement is generally minimal. Your solicitor and legal professionals will manage the process through to completion, keeping you updated once everything is finalised.