The first in a new series on property auctions with Andy Thompson From SDL Auctions. Auctions can be fantastic places to secure BMV deals but for the newcomer, they can be very daunting places. The trick is to take your time and learn the ropes before you commit to pulling out your chequebook.
Property Expert Series: Andy Thompson From SDL Auctions
- Introducing Andy Thompson from SDL Auctions
- What Steps Should I Take Before I Buy A Property At Auction?
- How Do Property Auctions Work?
- What Is A Reserve Price?
- What Exactly Is In The Legal Pack?
- What Is Off The Wall Bidding?
- Property Auctions – Does It Matter Where I Sit?
- Auctions Fees | What Are The Costs To Buyers And Sellers?
- How Do I Prepare For A Day At House Auction?
- Are Auction Properties More Commonly Vacant Or Tenanted?
- What Are The Risks When Buying A Property At Auction?
- How to Find and Work With Good Property Auction Houses
Andy Thompson from SDL Auction
Amy: Hi, I’m here today with Andy Thompson from SDL Auctions. Andy, thank you so much for joining us.
Andy: You’re welcome.
Amy: Andy, you’re here today to talk to us about what you do within the auction world. This world is new to me. I’ve never even been to a property auction. So I’ve got loads of questions which I’m going to really enjoy asking you.
Firstly, what is your role in SDL Auctions? I know from looking you up you are a rising star in the auction world with a really interesting background. So tell us a little bit about yourself and what you do.
Andy: I’ve only recently joined SDL. They’re not well known in Manchester but they’re very big, one of the biggest auction networks in the country.
SDL started out in the Midlands and it’s not uncommon to have fifteen hundred people at any one of our events. It’s a big company hosting really big events where about fifty million pounds worth of property is sold every time.
Recently SDL has been expanding into the northwest and I’ve come along as part of that expansion.
Andy: Before working with SDL I worked for another auction company for 12 years, so this is my market, really. So it’s a good fit and it’s going really well.
My role is quite diverse at the moment. I’m working with people who are looking to sell. I’m working with people who are looking to buy. I’m just trying to educate both sides on the benefits of auctions.
Amy: Fantastic. I think we’ll have to come down to one of your auctions because we’ve heard so much about them now. So, I think we’ve got to come down and follow you and see exactly what goes on and create a series out of that too, that would be great.
Andy, tell us what’s it like at one of your auctions?
Andy: It’s a very good, vibrant place. It’s really busy, packed. There’d be hundreds of people there, usually.
Amy: Very noisy.
Andy: Very noisy, very noisy.
Amy: Everybody shouting, wanting their property.
Andy: There’s loads of competition and you’ve got that atmosphere. There’s a lot of money at stake. People have got their dream property that they go in for, perhaps. So there’s quite a tense atmosphere sometimes.
There’s a good mix of different cultures and characters. Really vibrant, really good for…
What’s important, is as much as I enjoy it, I’ve been to hundreds – It’s important, if you are new to it, to bear in mind, it can be intimidating at the same time. When you used to it’s great. If you are not used to it, some people find it a bit daunting.
Amy: What would be your tips for someone like me, who you knew had never been to an auction before and was maybe looking to buy at auction.
What kind of tips could you give me before I set off on my journey?
Andy: To come along and do a dummy run, really, first of all. Just because, like I say, you see it on the telly, you might do all the reading up on everything. People tend to focus on the actual property but the day of the auction itself is something to factor in, just on its own as a standalone. So, I always say, come along to an auction and do a dummy run.
But, I’ve suggested this in the past and people have got carried away and bought something. So, just make sure that you’re disciplined. Just go through the motions and even go view some of the properties even if you’re not going to bid on them, just to get a feel for how it all works.
Learn how to quickly build a long-term, profitable property portfolio of ten houses with our free online course, containing effective strategies and techniques, collected over decades investing in property.
This training is suitable for investors of all levels so whether you are starting from scratch or want to know how to scale your property business there is something in there for you. Simply click the link below to find out more.
It's completely free and takes just a minute to sign up.