Attitudes to property auctions revealed
Viewber’s latest survey shows there’s still a long way to go to educate the home movers about property auctions, with assumptions and myths still rife.
Viewber’s second survey amongst the general public reveals a lack of awareness surrounding what happens at a property auction, with thousands of buyers and sellers potentially missing out on a beneficial method of moving home.
Headline property auction survey results:
- 46.7% of respondents believed property auctions were just for investors and developers
- 33.3% of respondents didn’t know someone else could bid on their behalf using a pre-set maximum bid
- 44.8% of respondents were unaware they could use a mortgage to buy at auction
- 36.7% of respondents didn’t realize exchange happened as soon as the gavel fell
Even though property auctions are open to all buyers and sellers, the fact that almost half of those taking part in Viewber’s survey thought they were exclusively reserved for investors and developers highlights how auction houses have masses of untapped clients just waiting to be converted. The myth that auctions are for cash buyers only is also perpetuated by the lack of knowledge surrounding mortgages and auction purchases.
“There are still so many presumptions about auctions preventing auction houses from widening their market, increasing sales volumes and improving profits,” comments Viewber’s founder, Ed Mead. “What’s more, buyers and sellers are missing out on a quick and reliable way of moving home – highlighted in the recent property market, where speedy exchanges have been of paramount importance.”
Viewings: critical but access perceived as tricky
It is clear that purchasers are not confident buying blind. The majority of respondents – 70%, felt visiting a property before bidding at auction was extremely important. In contrast - and of critical note to auctioneers - 56.7% of our survey participants didn’t think it was easy to visit a property coming up for sale at auction.
“The assumption remains that auction properties are difficult to get inside and see,” says Ed “Our survey results underline the importance of viewings and one stumbling block for potential buyers at auctions is they feel it’s going to be hard work seeing what’s on offer beforehand.”
Viewings made easy for everyone
Viewber is already working with most of the top auction houses to make viewings freely available to buyers and much more convenient for auctioneers. Being able to advertise free and flexible viewing arrangements only adds to the appeal of auction properties and could well bring them more mainstream.
A Viewber is able to let in and show individual buyers or host open houses on behalf of auctioneers, often a problem for them given the widespread nature of properties in auctions – keeping staff free to organise future auctions, conclude previous sales, collate catalogues and, most importantly, market auctions to a wider audience of buyers and sellers. Viewbers have also been taking photos for catalogues
Our Viewbers are vetted and well-reviewed and can visit any auction property in the UK thanks to 100% nationwide coverage. As well as offering weekend and evening availability, the Viewber booking system has no minimum or maximum order - ideal for auction houses that run on a quarterly ‘in the room’ basis or for auctioneers hosting weekly sales thanks to an online set up.
Contact Viewber to make viewings more available today.