The London Olympics are coming!

Just read a post about someone having a friend who has been handed a notice to vacate his rented home by the time of the Olympic Games. The landlord plans to rent the flat out for at least five times the price for the couple of weeks from 27 July to 12 August 2012.

The traditionally busy autumn season starts conveniently right after and by the looks of it, there will an unusually large number of tenants looking for a new place.

The questions are, what will rents be like from September 2012 and what impact will the Olympic legacy have on the London residential lettings market?

The Landlord or the Tenant.

What do you think?

HOWEVER

I must, must, must remember to read and respond to every email the day I receive it! Missed out on some potential lucrative coverage.

Oh well, it’s all part of the learning process…

Innovative online auctions are cropping up and even social and private tenants are included. I’ll explain all in this article but first I’ll go through the various types of property auctions available.

Before making your first serious bid at a property sales auction there are a few points to consider:

• Visit an auction – I would always suggest that you attend an auction to ‘get a feel’ for the auction process itself. Or, if you cannot physically attend at one, visit a virtual auction sale at auctionyourproperty.com, opa365.com or bidonmyhouse.co.uk. It is also a useful opportunity to perhaps ask the auctioneer any questions you may have.

• Finance – If you are the highest bidder then you will need to have 10% of the sale price to pay your deposit on the day of the sale, with the balance due within 28 days.

• Survey – It’s always recommended that you have a survey undertaken to ensure that the property does not have any structural issues.

• Selecting the right property – It is important that you are careful in your selection of the property you wish to purchase because any survey costs are payable by you, whether you are successful on the sale day or not. Please do your research!

• Seek advice – A simple phone call to the auction department is recommended, as they will be able to advise you on the auction process and also about the property, including fees and requirements. They’ll also advise if an auction is the most suitable method for you, whether you are buying or selling. It’s always worth getting feedback from more than one source.

• Documentation – All instructions are confirmed within the terms of business as well as identification requirements. These are in line with the Money Laundering Regulations, which are regulated by the Government. ‘Legal Packs’, aka the ‘paperwork’, are drawn up by Solicitors which provides further background information on the property.

• Property Particulars – Each property has specific marketing material prepared which forms the catalogue entry and includes internet and local & regional newspaper advertisements, ‘For Sale by Auction’ boards and listings on property investment websites such as eigroup.co.uk / propertyauctions.com. Catalogue brochures are also distributed.

• Viewings –These are normally carried out as block viewings just to save on time and any general questions can be answered there and then. These are always supervised by a member of the auction team.

• Budget – In the energy fuelled and ego driven auction environment, it’s very easy to get carried away in the bidding frenzy. Remember to stay within your budget. Know your limit and stick to it!

• Auction Day – Time is allowed prior to the commencement of the sale for prospective buyers to view the hard copy of the legal pack and register their details in order to bid. Each bidder is presented with a unique identification number to ensure the process goes smoothly. Once the reserve price is exceeded, the highest bid at the fall of the gavel is the winner!

• Completion – The completion date (normally 20 working days) is stated in the contract and must be adhered to by both parties. The process is handled fully by the appointed legal professionals.

Property auctions for social and private tenants.

The concept of ‘auction’ in the property world also transpires to the multitude of RSLs (Registered Social Landlords).

Choice Based Lettings (homeconnections.org.uk) is a new online system has been designed to make the allocation of social housing more transparent and to make it easier for applicants to increase their prospects of being offered the tenancy of a council or housing association home.

Registered users can bid for properties and they will be allocated points according to their level of priority which will be determined by their housing needs band (A, B, C, D or E) plus the date they joined the register. To date there are 22 Local Authorities & Housing Associations participating in this scheme but the number is expected to grow.

Due to the shift in housing needs there is a very high demand for social rented housing and this service is proving to be very popular.

The final type of property auction blends the traditional concept with modern day social needs. thePropertyBid.com is an award winning concept that is the UK’s first and only property auction rental site for landlords, letting agents and potential tenants.

Vacant properties are uploaded and Potential Tenants can make a bid on how much rent they are prepared to pay. At the end of the auction both parties pay a commission on the final monthly rent.

With ‘gazumping’ on the increase amongst private tenants (a term notoriously used in buying a property) the site is a more ethical way of obtaining your ideal residential rental property. thePropertybid.com is user friendly and is one of the few sites that displays properties in ‘real-time’, so if it’s on show it’s available (and vice versa).

So, with the usage increase of smart-phone and mobile handset devices and the rise in popularity of diverse property auctions, bidding can take place wherever, whenever and whatever you’re wearing!

Good luck!

My name is Jonathan and while I’m not saving the world as a Surveyor, I work for this fantastic site.

It’s an award winning alternative property auction for landlords, letting agents & tenants.

However, it’s growing to be much more than that so, if you have anything to share whether it be chirpy, quirky or semi serious and it’s not too risqué, let’s have a conversation or two, or three!