23 Nov 2018 By WengYee Loke
Everybody deserves a second chance right? Even properties!
We had a surprising turn of events with this cottage in Hayle (offered by our partner Bradleys).
Property page here
Guide price: £110,000
It was scheduled to end at 12pm on Black Friday - and no there was no Black Friday sale on the property. After a couple of bids, it was clear that it wasn’t going to make the reserve.
The starting bid was £105,000 and the final bid £112,000.
Just when we resigned ourselves to seeing the property go unsold, a potential bidder called us in the last minute wanting to place a bid. But they hadn’t gotten their profile ready! They hadn’t input card payment or solicitor details. We do need all potential bidders to pass an online ID check and input card payment details before placing a bid.
This is why we always stress to agents to tell any buyers they speak to to get their account ready as early as possible. The last thing you want is the adrenaline of an auction + last minute panic nerves. Yes online auctions do make things simpler and allows for last minute entrants, but don’t leave it till the very last second.
Unfortunately, the buyer didn’t get their ducks in a row in time and the timer ended. No sale for this property.
Speaking to the Bradleys agent, they decided to relist the property. This cottage had 15+ people on the watchlist - quite a few who had their accounts ready to bid. So there was definitely a good amount of interest in it.
This property was re-listed with the timer scheduled to end at 2.15pm.
New bids came in:
Guess what? That bid hit the reserve - the indicator on the platform turned green stating ‘Reserve met’. Clear as day for all to see.
Now in our experience, once the reserve is met on a property, interest increases. But why do people hold off from bidding before the reserve is met? Everyone loves a good bargain. So if the reserve isn’t met, buyers are looking for the opportunity to do an after auction deal (offering less than the reserve).
With the reserve met, we saw more bids coming in.
Conclusion: An excellent example of where PropTech really shines. The combination of our technology + the agent’s expertise turned this property around from unsold to sold for £12,000 above guide price.
Online auctions that provide fast, certain and transparent property transactions.
If you too would like to run your own online auction platform, get in touch with us today.
0 Likes 0 Shares