Liverpool based property giants Sutton Kersh Auctions held their fifth auction of the year selling just under £7 million pounds worth of property.
The world of property auctions has always held much excitement and stigma, but we have pinned down Cathy Holt who has been working within auctions for nearly 40 years to find the ins and outs of buying and selling at auction.
Cathy you’re the face of Merseysides leading property auction house Sutton Kersh, how did you end up working within the industry?
Cathy: When I was 17 I applied for office junior at a local property agents and spent 20 years there and worked my way up to valuer\office manager. I’m now Associate Director at Sutton Kersh having been here 17 years. I eat sleep and breathe auctions and absolutely love my job.
What do you love about working within auctions as opposed to estate agency?
Cathy: The speed and transparency. When I get an offer and report it to vendor it’s an immediate exchange of contracts. It’s done there and then. Other channels to sell a property can go on for months and people become stuck in a chain and buyers can walk away, which i find super frustrating, so buying or selling through auction avoids much of this.
What are the pros and cons of selling at auction, in the past it was extremely run down properties or people in need of a quick sale, is this still the case?
Cathy: No not at all. No cons just pros. Again the speed, from date of inspection to completion it’s literally 6/8 weeks. No chains. No delays. Auctions are a highly effective way of selling certain types of property. Whether they are derelict, quirky, unique or move in ready.
Are auctions just for property developers?
Cathy: No, we sell to owner occupiers, as long as they have the cash or finance readily available to purchase the property. Potentially getting them cheaper than if they were to go through an Estate Agent.
Is buying a house through an auction a risk?
Cathy: No. As long as you do your due diligence prior to making an offer.
What’s the auction process look like?
Cathy: If you’re thinking of selling property, you meet with myself or Katie & Vicki from the office and we give you a valuation and discuss if we think its suitable for auction, we always want to get the best for our vendors. We then discuss pricing, show comparisons we sold, then paperwork and its done/listed, we then offer extensive marketing on each Lot and do viewings and deal with enquiries and offers. All offers get sent to the vendor and sometimes they choose to accept an offer before the day of the auction.
Buying at auction, we have to carry out checks to ensure the potential buyer has the funds available, ensure they have viewed the property, read the legal pack and carried out their own due diligence then they are good to buy!! It’s so fast paced!
Since covid you have chosen to keep your auctions online, why is this as isnt there more of a buzz of having everyone in one room?
Cathy: Personally I would go back to the room tomorrow as I miss the atmosphere and buzz in the room and having more time to chat to our old and new clients, especially seeing people’s live reaction when they’ve just won a Lot!
However online really is working better as our auctions now reach a wider audience and means we get more bidders as they can do it remotely. Our amazing auctioneer Andrew offers lots of energy and charisma on the day so you do still get that buzz and our viewer ratings are through the roof, so thats brilliant for business as people are often just watching it from home!
What makes a good auction property?
Cathy: Anything really. Vacant houses in need of repair and modernisation are selling very well at the moment and exceeding their guide prices. When vendors are realistic with their reserve price they get more on the day as there is no ceiling price.
How many properties have you sold so far this year?
Cathy: Over 300 and still have 2 auctions to go!
Do you ever sell expensive properties through auction?
Cathy: Yes it’s not just lower priced stock it can be anything from £5,000 to over £1m.
What’s the most unusual Lot/property you have sold through auction?
Cathy: Oh it has to be the toilets in West Derby Road, Tuebrook!
Any advice for anyone that wants a career in the industry?
Cathy: Working in auctions is exciting it’s fast paced and highly rewarding. You must have great customer service skills and a passion for property.
Visit suttonkersh.co.uk to find out more.
