Member Article

Second Anniversary Marks Success for Auction Firm

Despite being launched in the midst of the recession, North Notts based Open Door Auctions is marking the anniversary of its first residential auction with a set of impressive results demonstrating that its innovative service model is delivering for customers.

Since its first auction in November 2012, Open Door Auctions has hosted 20 auctions and sold homes worth more than £30million to local residents. This includes its first ever regional auction at Bramall Lane in Sheffield. The auction had a total of 19 lots, 90 per cent of which were sold. The remaining properties will be offered again at auction in the New Year – free of charge.

Based at Retford Enterprise Centre, a hub for supporting start-up businesses, Open Door was launched by Graeme Naish, a member of the National Association of Valuers and Auctioneers, who identified growing frustration among homeowners selling on the open market. The business is unique in the area because it focuses exclusively on selling via auction as opposed to offering auction as a “bolt on” service. The business has thrived during a difficult time for property companies and the housing market generally, and its achievements are a demonstration of its relevance to both homeowners and investors.

Over the past two years, the business has gained a reputation for selling properties quicker than many of its open market competitors. One example of a satisfied customer is Mike Dobson-Hornett, who spent five years trying and failing to sell his home using traditional agents and online property sites before approaching Open Door Auctions. In just six weeks with Mike successfully sold his character cottage at an Open Door auction after competitive bidding from four potential buyers – achieving £25,000 above the guide price.

Mike said: “After spending so long on the market and getting very few first viewings and even fewer second viewings, my partner Michelle and I just wanted a quick sale. I’d never used the auction model before but the team at Open Door were honest about the market and gave us some hard facts. They were able to create interest and secure offers for the house when there had not been any before – and having the focus of an upcoming auction definitely acted as an incentive for prospective buyers to move quickly. It would be hard to persuade me to go through traditional agents again.”

Graeme Naish, co-founder of Open Door Auctions, commented: “We are delighted to have reached our two year anniversary and achieved 300 property sales. This is largely due to the relationships that we have developed with vendors, the majority of whom tell us they will buy and sell via auction again. Over the past two years, we have steadily increased both the number of auctions and our geographic reach – and we are planning to increase both further in the future.”

Graeme added: “On the open market, potential buyers are able to make an offer before their own home is on the market, leading to complicated chains and a protracted sales process. By focusing on proceedable cash buyers and requiring a 10 per cent deposit on exchange, sale at auction tends to avoid these sorts of problems.”

Residential sales by Open Door support the overall trend of more and more vendors taking “normal” houses to auction, not just homes in desperate need of renovation as seen on the daytime TV show Homes Under the Hammer.

So, as the residential market emerges from recession and homeowners look for a fresh start in 2015, Open Door is hoping to grow its local footprint even further. Graeme added: “Having reached our two year anniversary, I hope that customers see us as a genuine property company that seeks to deliver on its promises and uses the auction model to great effect. I’d encourage anybody who wants to sell their property in 2015 to give us a call; we’ll be more than happy to talk to you about our approach and tell you why more than 300 people – so far – have chosen to sell with Open Door Auctions.”

ENDS

For further press information and interview opportunities contact Eden Public Relations on 0115 958 8850 or email kathryn@edenpr.co.uk.

Notes

Open Door Auctions is a family-run property firm specialising in residential sales. It was established on the premise of providing buyers and sellers with an efficient, honest auction service. The team has an intimate knowledge of the property market in Nottinghamshire, Lincolnshire and South Yorkshire.

This was posted in Bdaily's Members' News section by Kathryn Greenwood .