How can you work out the value of a property going to auction?
Publish Date: 19 April 2016
By Beth Fox
Further reading
How do you tend to approach valuing a property you're interested in buying at auction?
- Some may chat about it down the local pub
- Ask advice from friends and associates
- You could even talk to a friendly local estate agent
- Or, by using the latest industry data?
Using property auction comparison information can be the quickest and most effective way of finding the latest knowledge.
Finding out the auction history of the street and the surrounding neighbourhood through comparables can give you the knowledge to make an informed calculation of the property’s potential value. This can also help you set your ceiling bid price in preparation for auction day.
Want to try it? - Value a property now or register for a free trial to search the database of over 750,00 auction property information comparables.
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"I had a bespoke job to do recently for RBS and we needed some information and I emailed David Sandeman directly and he came back with some suggestions which were really helpful and enabled us to complete that using your monthly updates, really helpful.
Without the help from EIG I probably would have had to go back to them and say we couldn’t do it."
Surveyors frequently use property auction comparables in valuations:
"We are constantly looking for comparables to use as benchmarks for the commercial and residential properties we are valuing. The website is pretty crucial to our sort of work it's our first port of call, so it's pretty much essential as it says in the title!
Things like being able to search by tenant name and the radius search is really helpful. The link to the auctioneer's website and the actual page that would have been in the catalogue, at the touch of a button is really, really helpful because it obviously saves us quite a lot of time. And the fact that you set out the yields in your analysis saves us a job as well, those sorts of things are really helpful."
(Source - EIG Member Feedback)
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