John Amos

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Auction Review 2009

 

The impact of last year’s financial difficulties meant that there was some reluctance to offer properties for sale in the Property market sector, particularly at the beginning of the year. Also confusion over property pricing caused stale mate for some properties offered for sale on the open market. The Auction process has remained a strong option in all of this “Yes we have seen reduced prices with this method as well but what it can give is certainty to both seller and buyer in a very uncertain market. If a sale is viewed as the priority, then this could be the ideal way of disposing of a property.” says Auctioneer John Amos. John Amos & Co has held 9 property and land auction sales throughout 2009 from its four Land and Estate Agency offices.

 
‘Importantly, what it can do,’ says John ‘is attract interest in a property that may get overlooked through the conventional approach. There are potential purchasers and investors looking to increase their portfolio and a good auction marketing campaign can attract these types of buyers. Our catalogue is sent out to property investors and developers as well as to interested parties in the private sector. We also have an on-line facility that potential buyers can register for that is sent out a few weeks prior to an Auction.  Auction sales don’t just happen on the night. We understand the hard work involved in bringing a deal together and work closely with Clients in being realistic in achieving that sale and importantly, target marketing towards potential buyers before the Auction date.” He goes on to say that though most properties will proceed to auction on the night, the sale by Auction is a whole process and involves sales of property before and after.  The vendor does have the right to ‘sell beforehand’ if an acceptable offer is received and over the last few months more deals have been in evidence of properties sold immediately afterwards. We would suggest that this appears to be due to market conditions. The statistics are interesting.
 
“Of all the properties offered for sale by Auction in 2009, over 92% were sold as a result of the whole Auction process. This is a phenomenal proportion of properties sold in a very difficult climate.”
 
‘We will host an auction anywhere and indeed have held auctions in all four Counties. The main venue at Kingsland lends itself very well to the professional service given on the night. Properties for sale are presented through a Powerpoint presentation run through three TV screens within the Club. Our professional auction team are on hand during the evening to give advice and in some cases ‘cuddles’ to nervous vendors !! As we regularly get 200 - 300 people on an evening, the extensive car park and central location suit our needs’.
 
John concludes, “Medium term, the outlook for selling by Auction is good. Current market outlook appears to view investment in land and property as rewarding still and the prospect of capital growth in this area likely to return. Investors are out there but need the return of a supply of quality properties and land.”