Selling via a timed online auction offers a transparent route to market, with a defined bidding window and a clear outcome at the close. In this guide, we will walk you through how timed auctions work, how they differ from livestream auctions, how to set the right strategy and what happens when the auction ends.
Timed auctions run for a defined period (often around 24 hours). Bidding takes place online during the window and, when the auction ends, the highest bid wins, provided the reserve has been met.
Both routes are transparent and deadline-driven, but the experience is different:
Firstly, decide whether you want to sell via a Livestream auction, which with Auction House London occurs 10 times per year, or via a Timed Online Auction, which takes place weekly. Then set a reserve price, agreed between you and the auctioneer. This is the minimum you are willing to accept and ensures your property or land won’t sell for less than you’re happy with.
You will need the relevant legal documents prepared prior to opening your lot to bids. A comprehensive legal pack should be created (compiled by your solicitor), detailing key title and property documentation, any special conditions, and any other relevant paperwork for your lot.
If you don’t have a solicitor, your auctioneer can usually recommend a suitable legal partner.
Timed auctions require you to set the terms and specify the bid acceptance period. This is generally 24 hours; the property goes online a few weeks before to allow enough time for marketing and, where applicable, for interested parties to view the property. As with Livestream auctions, it is common for properties to be marketed online before bidding opens to generate interest.
To attract the strongest bidding, ensure the listing information is clear and showings are straightforward. If your property needs modernisation, that can still attract strong demand, particularly from buyers looking for renovation opportunities (and auctions can be a good fit for that kind of buyer behaviour). www.auctionhouselondon.co.uk/timed-auction
Timed online auctions are designed to be quick and transparent, with a clear endpoint rather than a process that drags on for months. Once the virtual hammer falls, the price is set, reducing the risk of renegotiation or gazumping, and open competition can help sellers achieve a strong result.
If you’re considering selling via timed auction, you can request a free valuation and speak with our team about the best route for your property.
