Another agency has teamed up with an auction company to allow it to offer vendors the choice of both in-room and online auctions, as well as traditional private treaty sales.
North Wales agency Dafydd Hardy has joined forces with SDL Auctions to offer sellers what the agency’s managing director, Dafydd Hardy, calls “the total package.”
SDL Auctions allows client through the agency to put their property to auction and not pay any commission or entry fees.
“The buyer and seller are committed so the sale is more secure. SDL Auctions’ statistics show that less than one per cent of agreed sales fail to complete” adds Hardy.
Established in 1992, his agency has five offices in Bangor, Caernarfon, Llangefni, Holyhead and Menai Bridge, and also operates via its specialist high end brand, Coast and Country.
SDL Auctions is one of the UK’s largest auction businesses and allows agents to offer properties through online or in-room auction, whilst continuing to market them locally.
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Two points about this "new" model.
1. The purchaser pays a whacking premium to purchase the property to cover what the vendor would traditionally pay. Because this sum is substantial and much more than a normal buyer's premium of a few hundred pounds, he or she reduces his/her bid accordingly and the vendor often receives less for the property than they would have done if they had paid the auctioneer's fee. On a property that is difficult to sell the reserve might not be quite reached. One only has to go online to see comments on this practice and people actually boycotting this method which reduces the pool of bidders.
2.Because the vendor pays nothing and the buyer everything, the primary duty of care of the auctioneer passes to the buyer and not the seller.
Trading standards are currently looking into both these points and whether auctioneers using this method should state in writing that using it may result in a lower price being achievable for the property and that the relationship with the client is different.
Couldn't agree more and the sooner this model is 'regulated' the better. Very attractive for the agent to push on valuation with great fees for them and 0% for the client. The true winner is the auction company which, in many circumstances, simply sticks the property on a website where people can bid. Personally I find this model somewhat immoral.
Anything that speeds up the process is good, I’m sure that market forces will deal with overcharging
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