TYPES OF AUCTION

Before you enter into the world of the property auction it is certainly benificial to be well informed. You may not need to become an expert but the better educated you become the better will be your performance at an auction.

This blog will help with your auction education. Its not designed to overwhelm you but to drip feed you. Today we'll examine the different types of property auction that you may encounter.

Large composite - Tend to have over 100 lots. Expect well over 300 people to attend and the venue to be held in a large hotel or conferencecentre. Large composite auctions are likely to be run by a singleauction house. The type of property may be restricted to just one (e.g.vacant possession houses, factories, warehouses etc) or may be a mixtureof different types.

Medium composite - Have between 5 to 100 lots and will typically attractbetween 200 to 500 people, most likely in a hotel or conference centre.It's similar to a large composite, only on a smaller scale.

Small composite - Offer between 2 to 5 lots and will attract upto 5bidders. The likely venue is likely to be somewhere like a pub,restaurant, church

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