Sellers Guide to Auction
Is auction the right choice for me?
more leads and competitive
An auction process tends to generate more leads and in turn leads to more interest and competitive bidding on the auction day.
auction contract is unconditional
Once your property is knocked down, there will be no further negotiation from any buyer.no further negotiation from any buyer. On completion date, you will receive the full amount from the sale.
Open Competition
Selling a property at auction is transparent, fast, cost effective. The property is sold to the party that is willing to pay most at the auction event.
the Right Pricing of your property
The reserve price is the minimum price which we can sell the property for. We can advice and recommend you on the reserve price to generate competition and optimal price for your property.
Auction Seller Guide
Welcome to the auction guide for sellers who may want to consider selling their property in a property auction.
A property auction is a manner of selling property by bids, usually to the highest bidder through open & public competition. Property auction is not new and is a mode of sale increasingly preferred across property types and industries.
A Reserve Price is pre set by the Vendor with our guidance. It is kept confidential at all times .
Property auctions are subject to the Singapore Law Society’s Conditions of Sale 1999 and 2012, and the Special Conditions of Sale given for each property.
How can potential sellers benefit from auctions?
Transparent
Transparency amongst all parties
Maximum Visibility & Exposure
Print Advertising: Newspaper Classifieds, Direct Mailers
Digital Advertising: Dedicated Auctions App, Dedicated Facebook Page, Website
Personal Contacts: Leveraging on our team’s extensive network of buyers to generate maximum interest pre auction
Control
Conditions of sale e.g. deposits, completion date, vacant or with tenancy, no cooling off period etc. are pre determined by the seller before the auction
takes place
Buyers do not get the opportunity to negotiate on these terms
Sense of Urgency
Competitive bidding takes place within a limited timeframe ensuring that sellers get the highest price possible on their property
Speed of Sale
Quick disposal reduces long term carrying costs e.g. taxes and maintenance, commonly associated with other less efficient forms of sale
Pre-Auction Procedure
1
auction proposal
- Auction Presentation.
- Open discussion.
- Agreement of marketing strategy and reserve price.
- Appointment of marketing agent.
2
Condition of sale
- Appointment of Solicitor.
- Marketing agent liaises with Solicitor.
- Finalising the conditions of Sale.
3
marketing
- Inspection of property to take marketing information and photos.
- Preparation of Auction Catalogue, Print Advertising, Websites, Digital Advertising & Leveraging of Personal Contacts campaign.
- Inspection of property with potential bidders.
- Follow-up with potential bidders before the aution day.
Frequently asked questions
Auction and private treaty transactions on all types of properties
Consultation and advisory on the reserve price of properties
Undertake the marketing of properties on behalf of vendors
Analysing the property market, property trends and prices of comparable properties
Advising and assisting bidders for pre-inspection of property and guiding them on auction floor procedures and contract signing
Typically in Singapore, auction houses charge between $900 to $1,500 for selling a property via auction.
Pre-marketing, advertisements, websites, newspaper, email blast, EDMs and venue of auction.
The entire process to the date of auction typically take app 2 to 4 months from date of confirmation of marketing agent.
COS or condition of sales is a legal document of a Sale & Purchase Agreement which is signed by the Purchaser after a successful bid is won in an auction sale.
However, a COS will not be applicable if the deal is not contracted via auction.
No, the Condition of sales or COS is only issued on the successful knock down of a property during auction.
For a private treaty sale, a standard Option To Purchase (OTP) will
be used to conclude the deal instead.
