O’Donnellan & Joyce auctioneers has become one of the leading Irish owned auctioneering companies for the sale of property by public auction in the country. Over a period of a few years it has recorded what is believed to be the highest percentage success rate of any auctioneering company in the country in recent years.
According to Colm O’Donnellan of O’Donnellan & Joyce the reasons for the company’s success is that it has organised an auction team which is totally focused on the auctions and co-ordinates both residential and commercial auctions. “We feel that in order to successfully obtain good results one must be totally focused on one area, and this is what our auction team do,” he said.
The properties for auction are extensively marketed for six weeks prior to the auction using the services of a number of professional marketing companies. O’Donnellan & Joyce advertises the auction properties extensively in all the local papers and also gets a huge amount of exposure on local radio. Each auction property is advertised for a lead up period of five to six weeks and open viewings are the preferred method used by the company.
Open viewings are carried out twice a week, one mid-week day and a Saturday or Sunday, the company feels that this gives people ample time to research and visit the property as the duration of open viewings is one hour, so this means that people can visit and stay in the property they are interested in for a full hour twice a week for the duration of the marketing campaign. If a client wants a private viewing, that will also be arranged to facilitate the interested party at a convenient time.
This method of extensively marketing and opening the properties at the convenience of the interested parties is one of the main reasons that O’Donnellan & Joyce is a market leader in auction properties throughout the country. “We facilitate the buyers and interested parties seven days a week,” said Colm O’Donnellan. “In these busy times we live in, it is not always that allocated times are suitable to everyone, so flexibility is very much part of our thinking.”
O’Donnellan & Joyce holds all its auctions in the Harbour Hotel in Galway.
On the day of the auction the team like to create a relaxed atmosphere with the provision of food and drink prior to the auction. All the properties are on large display screens/TVs which means the auctions are live throughout the hotel, so no matter where viewers are in the hotel they know what is going on. And because all auctions are now live on the internet they can be viewed all over the world.
“We have people as far away as Dubai and Australia viewing our auctions now,” said Tony Joyce of O’Donnellan & Joyce. “We now offer a phone bidding service which means that people can partake in the auction from anywhere. At one of our recent auctions we had people bidding by phone from
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Dubai while they watched it live on the internet in the comfort of their own home. This is certainly bringing O’Donnellan & Joyce auctions into many living rooms worldwide.”
One of the most important things now, and one of the main factors for the success of the auction, is that O’Donnellan & Joyce requests that the sellers be realistic in their reserve prices. This gives the opportunity for buyers to purchase at value and there is no doubt that if potential purchasers perceive something to be value for money they will be there. The auctions are carried out by auctioneer Colm O’Donnellan of O’Donnellan & Joyce who has 30 years’ experience and has sold more properties by public auction than any other auctioneer in the west of Ireland and who brings his own style and flare to each auction. O’Donnellan & Joyce auctions have a unique style and the company has managed to create a wonderful balance between entertainment and the serious business of selling in a relaxed atmosphere which is important as it makes the buying and selling at auction successful.
“Auctions have completely changed from the peak of the market when it was only the upmarket homes that were going under the hammer,” Colm O’Donnellan added. “It is the very opposite in the auction rooms these days where you have distressed sales, executor sales, and people who still have equity and just want to dispose of their properties. It is now the lower priced properties which are going under the hammer. Relating to the last number of auctions where a large number of properties were placed under the hammer with record numbers in attendance, the volume of people attending the auctions was incredible, with a large number of these coming out of idle curiosity, but this creates a tremendous atmosphere, exceptional bidding with huge applause from the enormous attendance on the conclusion of each sale.”
One of the main reasons why auctions are now the preferred method for selling a property is that vendors have become extremely realistic with their asking price. If potential purchasers perceive anything to be value for money this will attract enormous interest from buyers who are chasing value. Another reason this method of sale has become popular, particularly with purchasers, is because it is open and transparent and from the seller’s point of view if there are two or three people interested in the property there is a good chance of getting a higher price for the property.
To sell a property at auction there are certain criteria that must be met. One of the main ones is that the owner must provide a BER (building energy rating) before the property is placed on the market. Others are that all must be in order with the property, such as certs of compliance must be provided, all charges must be paid up to date, and basically everything must be in order. If bank consent is needed this must be applied for well in advance.
All purchasers are provided with a guide to buying at auction and this is great help, especially for anyone who is not used to buying or selling property as it gives them a step by step guide of what they should do. The guide to buying at auction is as follows:
Prior to the auction
Request a copy of the contracts/conditions of sale from the solicitor with carriage of sale of the property. Have your own solicitor read through it if you have any queries. Alternatively your solicitor can request this information for you.
Have an engineer/surveyor check out the property.
If you are getting a loan make sure you have this in writing from your lending institution. If you are not in a position to close the sale you are liable to lose your deposit.
On the day of the auction
If you are the successful purchaser you will be obliged to sign the contract immediately and pay 10 per cent of the purchase price. This contract is binding and is not subject to any conditions such as loan approval or engineer’s report, all this must be in place before the auction.
No agreement shall exist between the vendor and the purchaser relating to the sale of the property until such time as the agreement has been signed by the vendor and a full deposit paid as provided in the agreement.
This deposit is to be paid in the form of a bank draft or personal cheque which should be made payable to O’Donnellan & Joyce auctioneers. If you are paying by personal cheque ID will be required on the day. Proof of funds may also be asked for.
This 10 per cent deposit is a non refundable deposit.
The closing date will be included on the contract. If the closing date is not suitable, discuss a change of date with the solicitor before signing the contract.
The under bidder should leave his name and contact details just in case any difficulty arises with the sale to the highest bidder.
All in all it is a very steadfast method of selling because once the contract and the deposit is paid the property is sold. This is wonderful for the seller as they can go forward in the knowledge that their property is sold, leaving them free to fasten their own plans.
According to Colm O’Donnellan of O’Donnellan & Joyce the property market appears to be stabilising due to the substantial increase in sales for the first time in five years. He said: “In 2012 we witnessed a levelling off in prices and in some cases a slight increase. O’Donnellan & Joyce auctions have been enormously successful with vast crowds in attendance and with some 110 houses placed up for sale in the last year with a 93 per cent success rate, which is believed to be the highest in the country.”
Since 2012 there has been a huge selection of houses on offer, from city centre investment to prime residential property both in and outside the city, with a large upturn in the volume of sales, this would indicate that there now appears to be a levelling off of prices. This is due to the large number of cash purchasers who entered the market in 2012 with a general perception that the market had reached the bottom. O’Donnellan & Joyce has recorded an average of 90 per cent success rate on all auctions held in the past few years.
O’Donnellan & Joyce auctioneers has become a household name in Galway and indeed throughout the west of Ireland, and is now synonymous with auctions throughout the country and is regarded as one of the country’s leading companies in the art of conducting auctions.
The first auction of 2014 will be held on Friday March 14. Advertising for this auction will commence on Thursday February 13.
Auction are held bi-monthly and anyone wishing to place a property for auction should contact O’Donnellan & Joyce auctioneers, Mary Street, Galway, on 091 564212.