Buying at auction? Do your homework by the pool

Buying commercial property at auction has always been a good alternative to purchasing through private treaty due to the certainty and immediacy of the process. The internet has also made a vast difference to property auctions, making them accessible to anyone with a mobile device.

Most auction catalogues can be found online, along with full legal packs and any other documentation. While this is helpful to potential buyers, it also lets the agent know who may seriously be considering a purchase. It's possible to tell who is simply browsing and who has clicked through to every document available and is really doing their homework on a prospective buy.

Savills Nottingham Auction last August was its most successful to date, undoubtedly because potential buyers had plenty of time over the summer to read the legal packs – very possibly by the pool. The beauty of an online catalogue, of course, is that you can be sunning yourself in the Maldives while reading up on a property in Yorkshire. 

Most buyers still prefer to attend the auction on the day or to bid by phone, but numbers of online bidding are steadily increasing.The ability to live stream auctions to any screen anywhere in the world means that geography is no longer a factor. 

With only a little know-how and an internet connection, buyers can be just one click away from making a purchase.

Further information

Savills next Nottingham Auction will take place on 22 October 2015. For more details, contact Savills Auctions.

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