Commercial property auctions come in two main types; local and national auctions. Local auctions are typically smaller auctions with properties within a close proximity of the location that the auction takes place in. National auctions typically cover a wider area and more expensive classes of properties. These often contain premium properties that the sellers are looking to be seen by as many viewers as possible. We have further detailed both auction types below.
Local auctions are typically small auctions that are often hosted in a local building, for example, a town hall or a small auction house. The properties at a local auction are typically smaller properties with a lower value, but can also include high value properties. Additionally, the properties tend to be local with a shorter travel distance from the local auction location. Local auctions will typically provide information on the properties due to be auctioned before the event and this information will usually be available several days before the event.
Local auctions typically have limited marketing as they are traditionally aimed at the professional market who are often already aware of these events. Moreover, local actions are usually free and anyone is allowed to attend.
Local auctions will publish the results after the auction has concluded. This will typically follow days after and is usually published on the auctioneers’ website. However, you may not see the results updated for a week or more depending on the auctioneer. In some cases smaller auctioneers may not have a website available.
National auctions are usually much bigger scale than the local auctions and are traditionally held at larger venues, from hotel conference rooms to racecourses and large business centres. National auctions typically offer a wider selection of properties. The kind of properties available at national auctions are often larger, more expensive properties that deserve national exposure. All national auctions will have brochures and information on the properties available at auction before the event, typically a good number of days prior.
National auctions are typically well promoted due to the high value and typical prestige of the properties due for auction. A national auction will typically attract professional property buyers. As with a local auctions, all bidders are able to attend. National auctions will publish the results after the auction has concluded. This will usually be days after and may be published on the auctioneers’ websites. However, you may not see the results updated for a week or more depending on the auctioneer.
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