By Raj Beri, Co-editor, YPN.
The art of successful buying and selling at auction
People are wary of buying and selling at auction and mindful of how easy it is made to look on programs like Homes under the Hammer. In an article in the July 2021 issue of YPN, auction experts Piotr Rusinek & Jay Howard of Hammered Auctions, authors of the fantastic book Before the Hammer Falls, share their many years of expertise in the world of auctions.
Piotr became a prolific buyer/seller of properties via auctions, often using Jay’s Auction House company in the process. Piotr’s main activities were sourcing or selling properties for clients or using auctions to trade his own properties.
Jay has been immersed in property from a young age and like Piotr, he worked for clients as well as in his own personal property business.
Over the years, they met at various events and always clicked as they tried to put the auction world to rights. They decided to work together in writing the book and in undertaking property projects together.
They discuss two diverse case studies in this article and show how to generate significant profits by being creative in various aspects of the auction process – both case studies make for compelling reading.
Jay & Piotr’s top auction tips
Between them, they have a significant amount of experience in the world of auctions so their top tips are well worth remembering:
- Don’t become a motivated buyer – do your due diligence on the numbers and be prepared to walk away.
- Ask questions of everyone before making a formal bid.
- If selling:
- Position the property to appeal the widest audience possible.
- Put yourself in the shoes of the buyer and provide a comprehensive legal pack.
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