Published: 18/10/2024 By Mark Lewis
As the property market evolves, auctions offer a transparent, secure, and swift process that benefits buyers and sellers, particularly in a dynamic market environment. Mark Lewis, Senior Partner and Auctioneer at Symonds & Sampson welcomes a new comprehensive and impartial guide to buying and selling property at auction published by The Royal Institution of Chartered Surveyors (RICS). The guide aims to help investors, owner-occupiers, and sellers make fully informed decisions during an auction's buying or selling process.The RICS Real Estate Auction Group created the guide, and a new version has now been updated with more comprehensive guidance due to the exponential growth of the property auction sector in recent years. With more and more online auctions appearing, RICS believes it is necessary to demystify auctions so buyers and sellers better understand the process and recognise what they should expect from professional auctioneers. It includes advice on:
- What sellers should expect from auctioneers? The Guide includes advice on selecting a firm of auctioneers. It maps out all the key terms of appointment so sellers fully understand them. It also explains the importance of accurate sales particulars and how to understand the often complex legal packs.
- What buyers should expect from auctioneers? The guide explains how buyers should prepare for an auction. RICS explains the importance of researching all the information provided about the property that auction buyers are interested in and the necessity of obtaining professional advice from property auction experts. It also emphasises the need for buyers to stay in close contact with their chosen auctioneer leading up to the property being offered for bidding. Symonds & Sampson's Guide to Buying at Auction can be found here.
- The advantages of selling at auction. The Guide highlights the benefits of selling property at auction, including the certainty of buying a property at auction. It explains how properties are not sold ‘subject to contract’ in the same way a traditional sale through an estate agency. With an auction, the successful bidder is legally obliged to complete the sale at the fall of the gavel when their bid is deemed successful. See Symonds & Sampson's Guide to Selling at Auction here.
The certain nature of auctions also speeds up the whole property purchasing process considerably. Auction sales move faster than the traditional method, with completion usually taking place four to six weeks after the auction ends with a successful bid. Find our recent auction results here.
- Tips for Choosing an Auctioneer. In a market where many agents are purporting to offer ‘auction’ as a method of sale, Mark particularly welcomes RICS advice on choosing an auctioneer. The RICS advises consumers only to appoint auctioneers who are members of a professional body such as themselves, as this protects sellers and buyers from a regulatory perspective. The regulation consists of strict rules of conduct that protect both buyers and sellers, ensuring, for example, that an auctioneer holds the appropriate professional indemnity insurance. Auctioneers not regulated by such a professional body as RICS may not adhere to the strict rules of conduct or hold the appropriate professional indemnity insurance. So always make sure to choose a firm that can demonstrate that they have the correct credentials. See Why Choose Symonds & Sampson here.
"RICS is the largest organisation for professionals in land, property, and construction globally, and this guide will help would-be vendors and buyers alike to understand the auction process better”, states Head of Auctions, Meredith Wallis. “Within Symonds & Sampson, we are proud to have many highly experienced and qualified experts, either members of the RICS or other professional governing bodies. We can not only advise clients on property transactions but also on planning, survey, valuation, property and estate management, and a broad range of expertise to aid clients in making informed decisions. See our Professional Services here.
“We hope this new guide will help and inform clients on the benefits and possible risks of auctions and how to navigate them for the best result. Remember you can only sell your property once, so choose your auctioneer carefully, and, of course, choose Symonds & Sampson.”
The RICS Guide can be found at RICS property auctions_Consumer Guide June 2024.pdf. Meanwhile, to discuss buying or selling at auction in further detail, don't hesitate to get in touch with our dedicated Auction experts (below).
