It's easy to convert a standard property sale to an auction
You can start accepting private offers and later in the sale process, once you think you've got sufficient interest you can turn your sale into a public auction.
After doing this, all buyers will be able to see the current highest bid.
A public auction allows you to get the best price as each buyer will be competing to outbid each other.
Auctions can remain open for up to 6 months
Auctions on The Move Market can run for a long time - up to 6 months
This gives plenty of time for prospective buyers to view your property and work out their finances before entering a bid.
Don't worry though, even if after 6 months you don't have enough interest you can either extend the auction or stop it completely - it really is up to you.
Buyers can see all the bids you've received
This makes it easy for buyers to know what to offer - they can see how many buyers have entered bids for your property and know that they need to improve on the current best price.
No one wants to overpay for a property - if they feel they have they are more likely to pull out at the last minute which can cost everyone a lot of money.
In the UK, about 30% of property sales fall through - by running an auction on our sales platform you will lower this risk.
Live price change notifications
We let all buyers who have registered an interest in your sale or placed a bid know when the price changes.
With everyone better informed, you get a competitive bidding process and achieve the best price possible.
Each bid has to be higher than the last
When you start an auction, each new bid has to be higher than the current highest bid.
Buyers can cancel their bids
On The Move Market, in a public auction a buyer can still cancel their bid whilst the auction is still open.
Our auctions are more flexible than 'traditional' property auctions, allowing more people to take part.
We remind all buyers as the auction is nearing it's end - this way we get everyone to submit their bid on time
When selliing you want to achieve the best price.
To do this, you need everyone to know when they need to submit their bid by - after all, a bid received after you have exchanged contracts is no good to you.
This also is good for buyers, as they don't miss out on a property due to a lack of information.
The sale is less likely to fall through as the buyer knows they only just paid above what another buyer was willing to pay
Auctions are exceptionally efficient at finding market value - what an asset is worth at that moment in time.
When a buyer knows that other people would be willing to buy the property for only a small amount less (the next highest bid) - they can be confident that they aren't overpaying.
If a buyer feels they have overpaid, they are less likely to go through with the purchase - selling for fair market value is the best for both the buyer and the seller as the sale is less likely to collapse.
At the end of the auction, your property is sold, subject to contract to the highest bidder
All bids are non-binding on The Move Market.
This means that the buyer (or you) can still pull out of the sale up until exchange of contracts.
If you've set a reserve price, if the highest bid is below this price, your property will not have sold.
Sold, subject to contract
Now the auction has ended - the winning buyer will be sent your contact details and you'll be sent theirs.
We recommend contacting them as soon as possible to arrange the next steps.
They'll probably want to get a survey done and then you need to instruct solicitors to exchange contracts for you.
After exchanging contracts you're legally bound to sell (and the buyer buy) your property. This is just like an estate agent would sell your property - we don't force you to have same day exchange of contracts unlike traditional property auction houses.