Selling a property through online auction is an interesting and effective path to choose in the right circumstances and with the right guidance. However, it is often overlooked as an off-centre and opaque alternative to the more traditional routes to a sale.
During 2023 Luscombe Maye were involved with many successful sales through online auction, particularly the sale of The Manor in North Huish. Situated in an elevated position amongst the hills and fields of the South Hams with far-reaching countryside views, this historic property was rich in history with an iconic appearance, but it had fallen into severe disrepair and presented a challenging project for any agent.
Luscombe Maye secured the instruction following detailed consultation through our different and varied departments. Luscombe Maye’s deep ties to the local area and expertise in planning restrictions, farms and land valuation and conventional estate agency meant the sellers were in good hands and, due to the nature of the property and their position, decided a traditional online auction would suit their needs.
Luscombe Maye launched this extraordinary property to the market with a full marketing and promotional campaign via traditional auction with a Guide Price of £425,000. The response received was tremendous: it was the talk of the village, brochures were being collected from the South Brent office on a daily basis and a Facebook post saw hundreds of comments, creating a huge buzz within the entire local community. Ultimately the results were phenomenal:
- 17,000+ views on Rightmove
- 50+ accompanied viewings
- 47 bids on the final day of auction
- Bid accepted at 84% over the guide price
- 2 month turnaround; launch to completion
The whole marketing campaign was a fantastic collaboration between the client, their Solicitor and the Luscombe Maye team, which exceeded all expectations. The traditional auction route was definitely the best method of sale for a property like The Manor, because how do you put a value on something so unique?
Two weeks after the auction ended, the sale of The Manor had completed. From start to finish, the marketing process took just shy of 2 months, which is 1/3rd of the time the average sale takes via private treaty. As of September 2023, Rightmove data suggests that, nationally, the average time to secure a buyer from when a property is first listed on the market, is 59 days. Once you have accepted an offer from a buyer, the legal work then takes approximately a further 12 weeks, so the whole journey from start to finish can easily take 6 months.
There are huge benefits to discussing how to best tailor the method of sale for any property with an experienced and knowledgeable local agent.
Do you have a property which you think could benefit from being sold by traditional auction? If so, please do not hesitate to call the Luscombe Maye team and we would be delighted to discuss this marketing option with you: please contact Harriet Rogers on 01364 646174 or email harriet.rogers@luscombemaye.com
