Welcome to our Essential Guide to Selling by Auction
Bristol & West Country's biggest property event
Hollis Morgan regularly hold the largest property auctions across Bristol and the West Country from our iconic Sale Room in Clifton, since we formed in 2010 we have sold the most £££'s of land and property by Public Auction in the region - EVERY YEAR!
Did you know….Hollis Morgan sold more £££’s of land and property by auction than all the other Bristol Auctioneers combined in 2017 with over £49.5m of successful sales!
Between 2010 and 2017 we have held 45 auctions, offering 1135 lots and raising over £225m for clients across the region. We have approximately 40 - 60 lots per catalogue ranging from £10k to £3m and upto 750 people attend our iconic Sales.
The key benefits of a sale by public auction
- Speed - Exchange on the night with a quick completion of 4, 6 or 8 weeks.
- Closure - 10% deposit taken on the night and deal is done.
- Intense 4 / 6 week marketing campaign with local, national and international coverage.
- Access to a both traditional family buyers and the professional market.
- Control - you have set out your plans for buyers to follow - you are in charge and set the pace.
- Reserve - you set a reserve which protects you from selling for less than you want.
- Best possible price is achieved - and it is played out in front of your own eyes meaning no “what ifs!”.
Why Hollis Morgan?
- We sell the most £££’s of property by auction in Bristol and the West Country.
- We are the most Successful Auctioneers in the region since 2010 - over £225m of lots sold!
- Bristol’s most experienced auctioneer Andrew Morgan MBE.
- Advertise online with auction specific premium posts on both RIGHTMOVE and ZOOPLA.
- High profile weekly press campaign focusing on the Bristol Property Live newspaper with regular adverts in the Western Daily Press, West Country Live, Estates Gazette, North Somerset Times, Chew Valley Gazette, Gloucestershire Echo, Gloucester Citizen and Bath Chronicle.
- Online Mailing list of 15,000 investors, developers, self-builders and family buyers.
- Local, National, Regional and International audience.
- Biggest catalogue and Highest auction Attendance - Upto 750 people attend our auctions.
- Prestigious Clifton Auction Venue & Regional Office covering Bristol and the West Country.
- Experienced Team offering expert advice - Meet the team – over 100 years experience in Bristol property!
The results speak for themselves – in 2017 we sold more £££’s of Land and Property than all the other Regional Auctioneers Combined.
|2017 Results||Catalogue Lots||Total Sold £M|
|Maggs & Allen||123||22,969,400|
|Auction House Bristol||68||10,286,000|
|Cooper & Tanner Auctions||77||7,824,000|
|Stephen & Co||16||2,002,000|
Source: EI Group (based on amount raised)
Download our 2017 Auction Review and Highlights Brochure
Andrew Morgan is one of the most respected and well known estate agents and auctioneers in Bristol having spent a lifetime in residential agency and on the auction rostrum and is recognised as one of the most experienced provincial auctioneers in the country. His knowledge of property is second to none which is invaluable to one of the fastest growing agencies in the region.
Find out more in the meet our team section.
What is a property auction?
An auction offers property for sale in a competitive manner, bringing together sellers and buyers. Our auctions are public events to which all are welcome, allowing all interested parties to see the best possible prices being achieved.
The auction process
In most cases the seller will have set a reserve price, below which the property cannot be sold. Once the reserve price is achieved, bidding will continue to a conclusion and the gavel will fall, triggering an immediate exchange of contracts with completion and full payment 28 days later.
Is my property suitable for auction?
Many properties are suitable for auction, for one or more of the following reasons:
- Has the property been offered for sale on the open market and failed to sell?
- Does it require modernisation?
- Does it have development potential?
- Will it attract multiple buyers?
- Is it difficult to establish the value?
- All types of land with, or without Planning
- Has Planning Permission been Granted or refused?
- Is there a need for transparency? i.e. when acting on behalf of Trusts or Public Bodies
- Are you an executor?
- Is it an investment property?
- Is your property only suitable for a cash buyer?
- Do you need to move quickly?
- Can a fast sale solve a personal situation? i.e. in the case of debt or divorce?
As part of our valuation visit, we will advise you on the suitability of the auction process for your property
How do I place a property in an auction?
Simply call Hollis Morgan and tell us you wish to sell your property by auction!
Free no obligation valuation
Either Oliver Hollis or Andrew Morgan will visit you at the property and advise you whether it is appropriate for auction.
Setting the guide price and the reserve
We will recommend a Guide Price - this figure indicates to prospective buyers the approximate price range of the property. The Reserve Price is simply the figure below which you will not sell - and is confidential.
What costs are involved?
You will be surprised how little an auction costs!
Auction Expenses: you can enter your property into one of our auctions for just £350 +VAT - this is paid for in advance.
Sale commission: in addition, a commission will be agreed at the valuation usually a % of the final selling price - our fees are competitive and generally in line with traditional estate agents.
Other Costs to consider...
- Energy Performance Certificate - from £80 + VAT
- Legal Pack - Your solicitor will provide a quote or we can put you in touch with someone that can.
What happens during the 6 week process?
Below is a breakdown on some of the key events that take place during the 6 week marketing campaign prior to the public auction from marketing to behind the scenes preparation for the sale.
Viewings take place weekly, at advertised, fixed times, with a member of the auction team attending to take potential buyer's details, answer questions and to leave the property secure.
We use professional designers to create our stylish auction catalogue, with informative photography, accurate particulars and professionally prepared floor plans.
We have also carefully created an unrivalled mailing of 15,000 local, national and international investors, developers and self builders.
We will liaise directly with your solicitor to assist with preparing the auction legal pack - required for every auction property. The pack is available in digital format via our purpose built website for prospective buyers and their legal advisors to download 24/7 Free of Charge. ( We do not charge buyers for this service unlike some of our competitors ) The pack is an essential part of the marketing process as we have a tracking system to monitor which documents are being downloaded enabling us to target specific, interested parties.
Our online campaign
We pride ourselves on the very best online coverage for your property and subscribe to all the major property portals with auction specific adverts and specific marketing campaigns on both Rightmove AND Zoopla – many other auction houses feature on just one of these sites and miss out on potential buyers. We have also recently updated the Hollis Morgan website with video guides and easy to use access to all our Lots, Historical Sales data and archives.
We have a high profile image in Bristol Property Live alongside regular adverts in the Weston Daily Press, North Somerset Times, Chew Valley Gazette, Gloucestershire Echo, Gloucester Citizen and Bath Chronicle ensuring your property is seen by all demographics across the region. We have excellent working relationships with these publications and regularly arrange for feature editorials to be published.
Window displays, targeted leaflet drops etc
Your property will be framed in our state-of-the art LED window display at our mews-style office.
We can deliver a professionally-produced flyer to the key roads in your neighbourhood - essential for garages and properties with immediate local interest.
We are always open to property-specific marketing techniques including video tours, professionally-taken photography and brochures. We have lots of ideas and expert contacts and are always open to suggestions!
- Exchange on the night with 4, 6 or week completion to suit your situation
Speed - Exchange on the night with a 4, 6 or 8week completion to suit your situation
What is the difference between a guide price and a reserve price?
Andrew says: Royal Institute of Charted Surveyors defines them as follows:
An indication of the seller's current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
How do I set a reserve?
Andrew says: "The auctioneers will keep a record of everyone who has visited the property and will keep the seller informed of interest shown and will make a recommendation to the seller".
Do I need a solicitor?
Andrew says: "A property cannot be offered for sale without a legal pack and this needs to be prepared well in advance of the auction and available to be downloaded from our website. This will contain special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries'.
your auction questions answered by Andrew Morgan remember, when the gavel goes down the deal is done!
Can I attend the auction?
Andrew says: "Yes. Auctions are public events to which everyone is welcome. In fact Hollis Morgan positively encourage people to attend whether as bidders or observers".
Will my property be surveyed?
Andrew says: "Particularly in the case of family houses it is quite possible a prospective purchaser may wish to have the property surveyed prior to the auction, The auctioneers will make direct arrangements with the seller for this to be carried out. It is the buyers responsibility".
Should I keep the property insured?
Andrew says: "The seller should keep the property insured until completion has taken place".
What if it doesn't sell?
Andrew says: "If for any reason the property is not sold at auction it is quite possible the auctioneer may receive a post-auction offer from an interested party. Unless a sale is concluded quickly it will be offered, at no extra cost, in the next sale if the seller wishes'.
Our Next Auction Dates…
21st February 2018
11th April 2018
23rd May 2018
18th July 2018
26th September 2018
28th November 2018
Our auctions are held on Wednesdays at All Saints Church, Pembroke Road, Clifton, Bristol, BS8 2HY, beginning at 7.00pm.
How to find All Saints...
All Saints is on Pembroke Road in Clifton, near to the Downs and the Zoo.
If you are coming from the M5 southbound, follow the directions for the Zoo but take the left turning before the Zoo into Pembroke Road, All Saints is on the left hand side.
If you are coming from the M5 northbound leave the M5 at Junction 17 and follow the signs for Clifton Village, crossing the Suspension Bridge. Coming from the City Centre follow the directions to the Zoo, at the Victoria Rooms continue on Queens Road and at the second mini-roundabout turn right into Pembroke Road, All Saints is on the right-hand side.
Clifton Down railway station connects with Temple Meads and is a five minute walk from All Saints. Public Transport serves Pembroke Road with the number 8 and 9 buses. The Alma Tavern is nearby for those in need of pre-auction refreshment.
All Saints Church, Pembroke Road, Clifton, Bristol, BS8 2HY