October Auction Newsletter
A word from our Sales Manager, Richard Webb
There is a deep sense of satisfaction looking back on Q3, as it has been the best quarter that we have witnessed regarding auction results. Of course, this equates to us being able to share our successes with our ever-increasing network of partner agents, who see the enormous potential in our auction facility, and utilise it, not only meet their client's needs, but also to increase their agency’s revenue streams. It’s always pleasing to see how many partner agents are identifying the auction method as a crucial part of their service offerings.
Feedback from our partners is always appreciated so we can continue to expand and improve our services. Many comments we receive are about our commitment to providing our partners with a service they can rely on, and our continuous engagement to cement the many relationships we have, whether it be in a work environment or in a more sociable environment.
Last month we hosted our annual social evening at Kempton Race Course. It is a regular event which has grown in stature since its inception. With more than 150 agents in attendance from London and the South, enjoying an informal affair watching the racing, along with good food, great conversation, and a few drinks! We thoroughly enjoy getting agents from many brands together, and it’s always a pleasure to see how well those in attendance always have lots to discuss.
Looking ahead, we traditionally find that Q4 delivers excellent results, mainly due the fact that the auction method of sale is really the strongest way to deliver a ‘move in by Christmas’ offering to sellers, as they seek to use the calendar year as their cut off to move. And given the hold up with pipelines, 2023 appears to be stronger than ever.
And finally, we will also be attending the popular EA Masters event in Battersea in early November. If you are also attending, do take a moment to visit us on stand 42, and say hi and share a drink.
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An update from Business Development Manager, Carol Clipston
As we head into the final quarter, many agents are now reflecting on the year so far. For many agents it has been quite a volatile market with no particular trend to the peaks and troughs, but most would say it's been a positive year.
Here at Pattinson Auction, we consistently see many agents embracing the auction method of property sale in promoting an alternative exit strategy to their vendors. And as a result of this, we are experiencing a large increase in the amount of auction referrals. What has become evident is the type of properties we are seeing are certainly not the stereotypical auction stock that many believe an auction sale dictates.
We work with over 3000 agents, and typically different areas and different marketplaces will dictate the opportunities presented to our agents; meaning some agents will work with us more frequently than others, however, there has been a significant shift, and we are seeing a variety of stock from all different agents, making for some interesting sales. This is likely due to vendors becoming more motivated and recognising the artificial market of 2022 no longer exists and are ready to adapt to the market changes.
In the run up to the festive season, many vendors listing on the open market, are unlikely to have a completion before Christmas, meaning auction really could be the ideal solution for them. The message we would like to send out to agents, is to not assume auction would not be a consideration for a vendor. Vendors' circumstances are often ever changing, and what was once a principal reason for selling may now not be a consideration.
Our teams are more than happy to discuss the auction process and work with the clients to see whether a secure sale could be viable option, so please contact your local BDM who would be more than happy to assist you in identifying opportunities as we head into the next phase of the year.
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Update brought to you by our London Auction Manager, Bobby Myers
August was a record-breaking month for the London auction team, and so we had a lot to look forward to going into September, and unsurprisingly it did not disappoint. Contrary to all the doom and gloom in the national news, the property auction market has continued to follow in the success of August.
Here at Pattinson Auction, we are finding our partner agents have utilised our auction service to suit the market conditions, and it's great to see so many new partner agents having success stories with the referrals they are placing with us. Motivated vendors have made the most of the buyer's market that we find ourselves in, and so properties that are priced accordingly continue to be the ones that are successfully achieving good prices through the auction method of sale.
Several agents have been reporting high numbers of sales fall throughs on the open market, and so auction has given them a different option and helped them gain instructions and sales.
With Christmas approaching, the chance for vendors and buyers to complete before the new year has proven appealing and has been fantastic for the level of sales we are seeing in what most would consider, a difficult market.
I am expecting a strong finish to this year, with vendors starting to accept the change in market conditions, and pricing being the main reason for attracting bids and offers from buyers resulting in successful exchanges.
