I wasn’t entirely sure what to expect whilst working in auctions – I knew I’d be working in real estate, particularly around probate properties, but didn’t realise the significance that auctions have in the probate world. I thought of auctions as being a “Homes Under the Hammer” type in-person auction before changing to online due to the pandemic.
During my time so far, I’ve been adapting, developing and learning new skills. Furthermore, I have been understanding the auction process: What makes a property probate? How is probate granted? And how to value a property at auction – such as where to set the guide price and what the reserve price should be.
One of the most important parts of working in auction is setting the property at the correct guide price and reserve price, as the guide price drives interest for the property and the reserve price is the minimum amount the vendor would allow the property to sell for.
Since being at Probate.Auction I can now say I understand the auction process and these questions, but most importantly how to value a property. I have done this by watching and listening closely to many valuation appraisals on a day-to-day basis, observing how deals are made and how agreements are reached with vendors allowing us to sell their properties at auction.
I have also been answering phone calls from potential buyers and answering any questions they may have about one of our properties going to auction. Buyers came with a range of questions: Is it leasehold or freehold? Are viewings available? Questions regarding the legal pack, when and where the auctions are taking place, how to register for the auction and the auction process. I learned how to respond professionally, clearly, and honestly. More importantly, I learned how to listen – to understand what the caller was really looking for and give them clarity.
Some of the other work I have done includes research such as understanding more about each individual property, including the condition of the property and how each one is different.
One thing I would like to do more is be included in meetings as it will be a great experience and help enhance my knowledge. Maybe even take minutes of meetings.
One of the most enjoyable parts of working at Probate.Auction is visiting the actual properties. It’s one thing to see a few photos – but being there in person inspecting the condition was exciting. Two examples were a 4-storey house in Clapham which had been left sitting for 10+ years and had many problems such as subsidence, mould and holes in the floor. Another property, and my personal favourite, was a house in Amersham. Whilst at the house I was able to take part and film some content for the Probate.Auction social media team.
Lastly, my experience of auction day is always stressful but eventful, and seeing the results come in – seeing how much the property sold for – is always rewarding. The property in Amersham being a prime example of all the hard work paying off, as the reserve for this property was £525,000 and it sold at auction well above anyone’s expectations for £901,000.
Overall, my time at Probate.Auction thus far has been nothing but a great learning curve, teaching me the ins and outs of the auction world whilst developing and enhancing my knowledge which I will carry with me for the rest of my career.
