Learn about your bidding options
At SDL Property Auctions, all of our auction events are live-streamed to ensure potential buyers can participate, regardless of their location. There are three ways to bid during these events; internet bidding, telephone bidding, and proxy bidding. All of these options require signed authorisation prior to the auction commencing. If you’re wondering how to bid by any of these means, read below to learn the processes involved for each option, as you’ll need to decide which is best for you before submitting your bidding form to us.
What is proxy bidding?
Proxy bidding means that you are allowing the auctioneer to bid on properties on your behalf, in line with the bidding in the room. You advise the auctioneer on your maximum bid, and they will try to secure the property at or below this price. However, if interest in the room exceeds your maximum bid, then the proxy bidding will cease as the auctioneer will never bid beyond the amount you have stated. The auction will then continue until a buyer is found. You can get a further understanding of proxy bidding by reading our step-by-step guide which covers the process from registration to completion of the proxy purchase.
What is auction internet bidding?
Auction houses with internet bidding are a great choice for those who can’t attend an in-person event. At SDL Property Auctions, we host online auctions which are live-streamed so that everyone can ‘attend’ the event and bid on properties of interest remotely, with full control over your bids. You will need to register for the service and the particular auction date you wish to remotely attend. You’ll then be given log-in information for the lot(s) you are interested in. When the auction commences, follow the event live and place your bids accordingly. You will need to make sure that you have a good internet connection if you choose this option.
What is telephone bidding?
If you still wish to control your bidding but don’t feel comfortable with an online service, you can opt for telephone bidding. In this instance, a member of our auctions team will call you from the auction room, and they will advise you on where bidding currently stands on the property you are interested in, including all competing bids as they are received. They will then bid on your behalf according to your specific instructions. You can also advise them on your maximum bid in the rare case that the call connection is lost, so that they can continue bidding for you.
How do I register to bid ahead of the auction?
Should any of these options appeal to you, you can register for free by submitting our simple online form no later than 24 hours prior to the auction date. The registration process includes ID verification, providing your solicitor’s information, giving signed authorisation to the auctions team, and ensuring funds are made available for deposit on your lot(s) should your bid(s) be successful. Therefore, it is advised you register in good time to ensure the process runs smoothly.
It is essential that, regardless of which method you choose, you stick to your budget as deposits and/or legal fees will be taken from the payment details you provided during your registration.
If you would like any further information regarding any of these bidding options, feel free to contact our team.
