A step by step guide to carrying out a proxy bid

At SDL Property Auctions, we are committed to making our live-streamed Auction Events as inclusive and accessible as possible. We understand that potential buyers often have other commitments and can’t always watch the auction stream as it happens, but this shouldn’t limit their opportunities to secure the property they’re interested in. This is why we offer a range of remote bidding options, including proxy bids.

Whether you’re a personal buyer looking for a residential lot to call your own, or a property developer or investor looking to expand your portfolio, don’t let your busy schedule get in the way. Below, we’ve detailed everything you need to know about the proxy bidding service we offer, including what a proxy bid is, how to register for this ahead of the auction, and what will happen if you win the auction in your absence. We’ve also created a quick step-by-step video guide to walk you through the straightforward process.

What is a proxy bid?

Put simply, ‘bidding by proxy’ means that you permit another person to bid on your behalf. In our online auction process, we offer a proxy bid service which authorises the auctioneer to bid for you up to your specified maximum amount. This means that, once you’ve registered and told us how much you’d be willing to bid on a property, we’ll handle everything for you from there, bidding incrementally to get you the best price possible, and stopping if the bid in the room exceeds your budget.

How do I submit a proxy bid?

If you’ve found a property in one of our upcoming Auction Events and would like to register for a proxy bid, the first thing you’ll need to do is head over to our remote bidding page and select the ‘proxy bid’ option in the registration form. To make sure you’re bidding on the correct property, you’ll also need to select from the drop-down list included in the form which venue and lot number you’re interested in. 

Next, you’ll need to input the maximum bid price you’re prepared to go up to (written in both digits and words for security) to ensure that our auctioneer knows exactly what your budget is for your chosen property. Once you’ve submitted your completed form, you’ll be invited by email to download the Credas app, in which you’ll be able to complete your online ID verification.

What details will I need to register?

When completing the ID verification process in the Credas app, you’ll be asked to provide details about yourself, and you’ll also be invited to register your payment information through another online system called Stripe (be assured that no money will be taken from your account unless you are the successful bidder for your chosen property). In order to make these registration processes go as smoothly, we recommend having the following information ready in advance:

• Financial information, to be used only if you’re successful.
• An auction passport account with Essential Information Group (creating this is simple and easy, and can be done online through their registration service).
• Solicitor details (this is not a bidding requirement, but having a solicitor ready should you be successful is the best way to ensure a smooth contract exchange process).

Can I change my mind about my maximum bid?

Yes, if you’ve had second thoughts about your budget for a property you’ve registered a proxy bid for, you can change your maximum bid ahead of the auction. To do this, please send an email to remotebid@sdlauctions.co.uk, with information about your registered property and your new maximum bid. Please do NOT submit another form to change your proxy bid amount as this will create a new registration, rather than edit your existing proxy bid.

What happens after I’ve submitted the proxy bidding registration form?

Once you’ve successfully submitted your proxy bid registration, you’ll be unlikely to hear from us again until the auction day. We will, however, reach out to you if anything changes regarding your lot. On the day of the auction itself, the auctioneer will bid in increments up to your maximum bid so you will not necessarily pay the full amount you’ve disclosed to us. If you are successful, we will then take the relevant deposit and fees from the details you’ve supplied, and send the legal pack and contract to you and your solicitor. 

Can someone bid for you at an auction?

If you don’t want to utilise our proxy bid service, in which the auctioneer presiding over the event bids on your behalf, you can instead register someone you know to bid for you instead. The benefit of this approach is that the nominated bidder will have a better understanding of your motivations and wishes, and can use this to inform their bids in a way that our auctioneers can’t. The opposite, however, is also true, with a potential downside of a friend or colleague bidding in your place being that they apply their own opinions to the process and either bid higher than agreed, or not bid at all. Contrastingly, our auctioneers will never stray from the pre-agreed maximum amount.

How do I nominate someone to bid for me at auction?

If you’d like to take this alternative to proxy bidding, all you have to do is select the ‘Internet’, Phone’ or ‘Proxy’ option on the remote bidding form (which you select will depend on how your nominated bidder intends to make their bids on the day), and select ‘Register for someone to bid on my behalf’ option under the ‘Bidder Details’ section. 

Register to bid by proxy with SDL Property Auctions

Whether you’d like to share your bidding wishes with our team and have the auctioneer represent you on the day of the auction, or you’d like to nominate someone you know to bid on your behalf, registering to bid by proxy is quick and easy with SDL Property Auctions. Head over to our remote bidding page to start the process, or get in touch with us if you have any further questions.

Proxy bidding… that was easy.