| Whether you're looking for an online property auction | | | | advance, like any other auction. This is an advantage |
| or you're searching for auctions online, the internet | | | | for buyers and sellers. For buyers, obviously it's |
| abounds with plenty of information and properties for | | | | better to see the property for yourself and for |
| sale. | | | | sellers it means you can be more confident that the |
| Even if you're an internet novice, it's easy to find | | | | people bidding will value your property for its true |
| property auctions online. All good auctioneers | | | | worth. This is why it is so important to have your |
| advertise to some extent on the internet, whether | | | | property looking at its very best because that makes |
| it's publishing their entire catalogue or advertising | | | | it far more appealing to buyers. |
| upcoming property auctions. Even better than looking | | | | When selling your property through an online auction |
| up individual auctioneers is to use a website which | | | | you will either pay a one-off fee to the auctioneer, |
| includes a database of all the major auctioneers in the | | | | or a percentage of the selling price (as with a |
| country (and those representing portfolios abroad | | | | traditional property auction). The former is a great |
| too). | | | | advantage for sellers because it's a fixed amount |
| So, to online property auctions. Online auctions are | | | | which means you'll know how much you pay before |
| well known, just think of the virtual giant, eBay. While | | | | your property is sold which could help you when |
| there aren't too many properties sold on eBay, there | | | | setting a reserve price. Also, if you consider that |
| are online property auction sites that work in the | | | | auctioneers' commission is usually in the region of |
| same way in that bidders bid online and whoever has | | | | 2.5% and 3%, this is probably going to be far more |
| the highest bid at the time of the auction closing wins | | | | than the few hundred pounds an online auction will |
| the property (although 'win' is a misleading term | | | | charge. |
| because they still have to pay for it of course). | | | | Auctions online are very new compared to traditional |
| Online property auctions usually take place over a | | | | auctions, and for that reason selling through a |
| shorter period of time, typically within one day | | | | traditional auction could mean you property is |
| (starting early and finishing late in the evening). | | | | exposed to more potential buyers. Having said that, |
| Potential buyers can still look around the property | | | | both types of auction can be successful, and less |
| prior to the auction. Online auctions are advertised in | | | | successful - you'll only know on the day! |