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Property for sale by Auction An animated scene in a business office shows a woman pointing to a chart on a presentation board, while another woman and a man in traditional attire look concerned. They are discussing real estate market values beside a desk with cash and a model house. Presented by World of Auctions

The Truth About Property Sales: Auctions, Agents, and the BMV Myth

The Truth About Property Sales: Auctions, Agents, and the BMV Myth

Welcome, property enthusiasts! Tom and I had been pondering the subject for today’s blog, and boy, do we have a treat for you.

With in excess of  30 years of experience under our belts, we’ve seen it all in the world of property sales and marketing. So, grab a cuppa, and let’s dive into the nitty-gritty of different sales methods – with a twist of humour, of course!

Understanding Different Property Sale Methods

In the grand circus of property sales, there are three main rings: auctions, estate agents, and the mysterious “off-market” sales. Let’s pull back the curtain on each of these, shall we?

The Auction Advantage

Picture this: You’re in a room full of eager buyers, the auctioneer’s gavel is poised, and your property is the star of the show. If you want to sell your property for its true value in a competitive market – Go To Auction! It’s like speed dating for properties, but with more excitement and fewer awkward silences.

Property for sale by Auction A group of people, some in business attire and others in casual wear, gather around a smiling man in a suit holding a gavel. They seem to be in an auction house or trading room. Background includes boards with numbers and text, and everyone appears happy and engaged. Presented by World of Auctions
Property for sale by Auction A group of people, some in business attire and others in casual wear, gather around a smiling man in a suit holding a gavel. They seem to be in an auction house or trading room. Background includes boards with numbers and text, and everyone appears happy and engaged. Presented by World of Auctions

Estate Agents: The Traditional Route

Ah, the classic approach. If you want to sell your property over time for full open market value on any given day – Go to an estate agent and auctioneer! It’s like a slow dance, where your property gets to show off its best features to a series of suitors. Just remember, patience is a virtue in this waltz of property sales.

 

Off-Market Sales: Hype vs. Reality

Now, here’s where things get interesting. If you want to try to cram your property up the buyer’s… ahem, let’s say “portfolio” at 12-15% above market value – Go “Off Market”! It’s the real estate equivalent of a secret underground club. But beware, not all that glitters is gold in this exclusive world.

Debunking the BMV Myth

 

What BMV Really Means

Folks, we’ve made a groundbreaking discovery! BMV doesn’t actually stand for “Below Market Value” as commonly believed. After decades in the business, we can confidently say it means “Boastfully Motivated Vendor.” 😂

 

Property for sale by Auction An animated scene in a business office shows a woman pointing to a chart on a presentation board, while another woman and a man in traditional attire look concerned. They are discussing real estate market values beside a desk with cash and a model house. Presented by World of Auctions
Property for sale by Auction An animated scene in a business office shows a woman pointing to a chart on a presentation board, while another woman and a man in traditional attire look concerned. They are discussing real estate market values beside a desk with cash and a model house. Presented by World of Auctions

 

The Pitfalls of “Below Market Value” Claims

Always remember to tell your “off-market investors,” “These properties are BMV and you can’t find them anywhere!” Then watch as they nod eagerly, thinking they’re getting a steal when in reality, they might be the ones getting fleeced. It’s like watching someone buy a “designer” handbag from a guy in a trench coat – entertaining, but potentially misguided!!!

 

Choosing the Right Sale Method for Your Property

When to Consider an Auction

If your property is unique, in high demand, or you need a quick sale, an auction might be your best bet. It’s perfect for those who enjoy a bit of drama and don’t mind the sound of a gavel.

The Benefits of Working with Estate Agents

For those who prefer a more traditional approach and have time on their side, estate agents offer a steady and reliable method. It’s like the tortoise in the race – slow and steady, but often gets there in the end. However in considering when to enter such a race. its wise to remember Monthly auctions normally run at success rates of 50 – 60 % sales. whereas Pure Estate Agency relies upon a listings to sales success rate of around 33%  

Property for sale by Auction Three people stand outside a house. A white-haired man in a gray suit and tie looks to his left. A woman with long dark hair, wearing a beige cardigan and blue jeans, stands in the center. A woman with straight black hair in a black pinstripe suit jacket gazes ahead. Presented by World of Auctions
Property for sale by Auction Three people stand outside a house. A white-haired man in a grey suit and tie looks to his left. A woman with long dark hair, wearing a beige cardigan and blue jeans, stands in the center. A woman with straight black hair in a black pinstripe suit jacket gazes ahead. Presented by World of Auctions

 

The Truth About Off-Market Sales

While off-market sales can sometimes yield great results, they’re not the magical money-making machine some claim them to be. Approach with caution and a healthy dose of scepticism – much like you would a carnival fortune teller.

 

Conclusion: Making an Informed Decision

At the end of the day, choosing how to sell your property is a bit like picking your favourite ice cream flavour. There’s no one-size-fits-all solution, but understanding the pros and cons of each method can help you make the best decision for your circumstances.

Remember, whether you’re buying or selling, knowledge is power.

Don’t be swayed by fancy acronyms or promises of incredible deals. Do your research, consult with professionals, and maybe have a laugh along the way – after all, property sales don’t have to be all serious business!

Until next time, happy property adventures!

 

External links:
1. www.allsop.co.uk/find-a-property/#
2. A trusted real estate statistics website propertydata.co.uk/charts/house-prices-
3. An article about off-market property sales from a well-known property news site thenegotiator.co.uk/news/uk-housing-market-news/vendors-are-losing-enthusiasm-for-off-market-house-sales

Internal linking:
1. Link to a previous blog post about successful auction strategies  – https://worldofauctions.co.uk/uk-property-auction-market-2024-guide-buyers-investors/
2. Link to your services page for property auctions  – worldofauctions.co.uk/services/free-valuations-market-appraisals/
3. Link to a FAQ page about the auction process – worldofauctions.co.uk/buying-at-auction/how-to-register-to-bid/