Have you been interested in a property up for auction or private sale and suddenly find yourself invited to a boardroom auction?
A boardroom auction, is a select group of potential buyers invited to participate in bidding for a property usually in a private meeting room at the selling agents office.
Vendors and their agents often call for boardroom auctions if they have received an offer during a campaign that is acceptable to the vendor.
The selling agents may advise the vendor that the campaign has drummed up significant interest and they believe by getting the interested buyers in a room where they can create a sense of urgency in a competitive, transparent environment, they will achieve the best possible results.
An auctioneer presides over the proceedings, guiding potential buyers through the bidding process.
The bidding is likely to start at the offer amount received and you will only be invited to attend the auction if you are willing to bid higher.
It can be quite intimidating for the inexperienced buyer as the setting can feel intimate and you can’t hide in the crowd. When participating in a boardroom auction, its important to approach it just like any other auction. Plan ahead, know the rules as auction conditions may apply, set your ceiling price and bid calmly and confidently.
Is it the same as an online (zoom) auction?
An online auction via platforms like Zoom and a traditional boardroom auction have the same goal to faciliate the sale of a property to the highest bidder. The key differences lie in the format and accessibility.
An online auction via Zoom or similar platforms eliminates the need for physical attendance. Bidders can participate remotely from anywhere with an internet connection, with bidding taking place through virtual means—such as typing bids in a chat box or using interactive bidding tools. The auctioneer guides the event remotely, but the interaction is less direct and more reliant on technology.
The selling agents will send you a link to join the online auction at the appropriate time and provide instructions on how to bid.
In either scenario, if a Boardroom or Online auction has been called because an acceptable offer was received there are no second chances – the property is going to be sold so be prepared and put your best foot forward.
If you do need any assistance in a Boardroom or Online Auction you can reach out to us to discuss our auction bidding service.