Investing in property on behalf of our ever-growing portfolio of clients, at Prideview Properties we like to focus our attention on one of the most exhilarating, nail-biting and all-around challenging battlegrounds of the market: the auction house.
It’s not easy when you first step into the arena, as everyone around you is watching each property that goes up with an eagle-eyed focus, ready to pounce on what they consider to be a bargain offer and a potentially profitable investment.
However, our director, Vishal Patel, knows more than a thing or two about the world of property auction, having observed Prideview's founders, his father and uncle, build the business from scratch - with haggling against big industry names a key part of the process.
So what tips does Vishal have to help you on your way to a successful property auction?
1. Trust Instinct Over Research
Don’t take this as a sign to ignore all research - obviously you should be analysing market patterns, data trends and customer feedback over time.
However, don’t forget that all of the information you’ve analysed in the past is collected upstairs in your subconscious mind - the very mind that rules your instinct. Therefore, if your far more experienced and trustworthy brain (or gut!) tells you to go for it, or back down, then it’s worth paying attention to.
2. Keep all Options Open
Don’t limit yourself to one town, city or even one county. Every day you will have many run-of-the-mill, ordinary offers with little profitability in them pass by your eyes, with the odd sparkling opportunity coming along every now and again.
To put it bluntly, the wider you cast your net over a geographical area, the more houses you’ll catch within it and, by simple mathematical probability, the more likely you’ll come across a good offer.
3. Have a Back-Up Strategy
For instance, here at Prideview Properties we like to target buildings with upper parts, partly because the package bought can be dissected into two or more separate units and each sold separately. However, on top of that, we also keep an eye out for buildings with the potential to be renovated or converted.
The point here isn’t to follow our strategy to a tee, but to come up with your own that provides a backup plan in case you’re ever struggling to find properties that fit your main area of focus. If you need more advice, or want to know how Prideview can help you, contact us today to speak to our team.