RUGBY estate agent Cadman Homes has cause to celebrate this week as it marks the first anniversary of its online property auction service.
Adam McHenry, head of sales, told us: “The Online Auction was developed to meet all the needs of the vendor, who can sometimes spend a lot of money up front, on auctioning their home, and spend months waiting for the auction date only to not find a buyer on the night.
“Some local firms I’ve worked with charge the vendor around two per cent of the selling price, and up to £600 in upfront fees.
“It’s very different from the traditional style of auction which was primarily used to sell problem properties. This modern auction allows vendors to sell properties quickly and at a strong price and effectively rules out gazumping and gazundering because buyers place a non-refundable reservation which commits them to the purchase.
“Plus, perhaps the biggest bonus for vendors, they pay absolutely no commission or fees to us which is a massive potential saving when compared with the traditional auction method.”
The other major advantage of this system over the traditional auction is that buyers are given 28 days to exchange contracts, making the process open to people who need to raise finance, which means a much larger potential purchaser base than traditional auctions, which are more suited to cash buyers.
It also gives the vendor a definite date to move, removing the uncertainty which can occur with normal property chains.
Vendors are able to set a minimum reserve price which allows them to be in control of the process. They can even log onto the website and see how many people are watching the property, and how many bids it is receiving, making the sales process transparent.
Each auction is overseen by the local Cadman Homes office, and a dedicated auction specialist.
“We are delighted with the success of the online auctions so far,” Adam said.
“The economic climate and the changes in the property market mean we need to offer our clients every possible tool at our disposal to enable them to sell their homes quickly and for the best possible price.
“We can offer vendors a revolutionary new way of selling their homes quickly and more cost effectively than before.”
Cadman Homes has sold numerous properties via the online auction method in the last year, with one selling on just day 11 of marketing.
“This demonstrates the efficiency of the auction,” said Adam.
“If you look at the traditional auction model by day 11 of advertising you could still be a month or two away form the actual auction date. Why waste time when you can secure a buyer months earlier – and without paying a fee”?
With their mobile software (unique to them in Rugby) and iPad technology, they can market properties to a wider audience, in a shorter space of time. This means you sell your home more quickly and for a better price on average by getting more interest from a wider pool of buyers.
So if you want to sell your home before the cold sets in, speak to Adam about the auction that changes auctions forever, or their traditional property marketing service, as always from just one per cent plus VAT with professional brochures and three-dimensional floor plans.
Cadman Homes have auctioned numerous properties across both of their offices, being located at 1 Castle Street, Rugby and 3 The Quadrant in Coventry city centre. The local, family-owned and operated firm offer a 24/7 phone line and appointments seven days from eight til late. Call (01788) 560 905 or 024 7622 2262