Historically, property auctions have often been misunderstood. If we ask most people what they first think of when buying or selling at auction, a lot of the time the answer is the same, the properties are distressed, aren’t mortgageable, or need extensive renovations. While those types of properties still have a place within the auction market, that perception is becoming increasingly outdated.

Across the Lomond network, properties for sales via modern method of auction (MMoA) increased by 14.5% in the last year compared with the previous year, and the data also shows that total property completions for MMoA sales increased 9.4% in the same time period. I believe that this is due to the simple fact that MMoA sales offer certainty and speed.

Modern methods of auction vs traditional
Unlike traditional auctions that take place in an auction room over the course of a few minutes, modern auctions take place online and over a longer period of time. This allows both the buyers and sellers more flexibility and broadens the participation by making the process easier to engage with regardless of location. This process also allows buyers time to investigate the property, get a survey or learn if they can get a mortgage on the property.