Your Quiz Results

Estate agents have played a big part in the growth of modern auctions.

But in my experience, they tend to push you to modern auction because it’s good for them, not because it’s good for you.

(They make huge referral fees if you sell via modern auction).

But I’ve spoken with hundreds of sellers in this position, and I’ve found there’s almost always a much better option you can take.

Here’s what I mean:

1. If your property has a serious defect, traditional auction is usually a better choice than modern auction.
2. If it doesn’t have a serious defect, you’re normally better off selling through a good local estate agent. (AndI can give some pointers on this below)...

Based on your responses, I think you fall into the second camp.

When you sell at modern auction you expect to lose about10-15% of your home’s value.

This is because:

1. ‍Fewer buyers.
   Most people can’t buy at modern auction (or are put off by the terms or the high fees).
   
   So you have fewer potential buyers, which ultimately means less competition to push up the price. ‍
2. Bargain hunters.
   Secondly, people who are happy to buy at modern auction are typically looking for a bargain. So they’re the buyers who pay the lowest prices. ‍
3. High fees.
   Finally, modern auction fees are around 3-4x higher than estate agent fees.
   
   The buyer usually has to pay them… so they’ll just reduce their offer to leave room to cover the costs. So in the end, you still pay.

Even if you are prepared to lose a lot of money, there are other problems.

You can learn more about the pros and cons of modern auction in this detailed article.

All-in-all, I've found modern auctions to massively over-promise, and under-deliver. So going with one is a really risky move.

And because your property doesn’t have any serious defect, I wouldn’t suggest traditional auction either. So here’s the best route I’d recommend…

I know you've been on the market a while already though, so you know there are two major downsides to this:

1. Estate Agents are Slow.
   According to Rightmove, the average estate agent sale takes 7 months from start to finish. (And that’s the average, meaning half of sales take even longer.)
2. The Process is Stressful.
   It’s consistently ranked among the most stressful life events we go through in the UK…

I want to share something that should help though…