Expert urges estate agents not to rely on auctions at expense of sellers
Nathan Khider, owner of Nathan K Real Estate, said reliance on auctions prioritises speed over achieving the best possible outcome for sellers.
Estate agents are increasingly steering sellers towards auctions rather than the open market, according to Nathan Khider, owner of Nathan K Real Estate.
He said this approach prioritises speed over achieving the best possible outcome for sellers and could affect wider market confidence.
Nathan said: “Property auctions have their place, particularly for probate properties, repossessions and homes needing major renovation.
“The problem is that too many perfectly good homes are being pushed towards auction because it’s the easier option.
“Instead of properly marketing a property and negotiating the best possible price, some agencies are taking the easier option.”
He continued: “The true value of a home is established when it’s exposed to the widest possible audience.
“If more properties are pushed into auctions instead of the open market, buyers and sellers don’t always get a genuine reflection of what a home is really worth.
“That creates a distorted market where speed is becoming more important than value.”
According to the latest figures from The Property Ombudsman, property auctions account for only a small portion of home sales but generate a disproportionately high number of consumer complaints.
Khider said: “Selling a home shouldn’t be about getting the deal done as quickly as possible. It’s about getting the best price for your client.
“That’s what people are paying an estate agent to do.”
He added: “When buyers see more properties being put up for auction, it changes the expectations across the market.
“It creates uncertainty over what homes are actually worth and whether sellers are getting the best possible price. That ultimately affects confidence for both buyers and sellers.”
Khider noted that auctions should remain a specialist tool rather than becoming the main method of selling.
He concluded: “Auctions absolutely have their place, but they shouldn’t be the first option because it’s easier.
“Some of the best agents earn their fee by marketing a property, negotiating and achieving the highest possible value for their client.
“When convenience becomes more important than doing the job properly, the whole market suffers.”
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