The Connacht Property Auction takes place today, Wednesday, 26 March in the Clayton Hotel, Galway.
The auction has now increased in size to twenty-three realistically priced lots ranging from €29,950 for a three-bedroom cottage, rising up to €439,950 for a superb five-bed residence on a 30 acre holding along the River Moy.
The auction team expects strong interest in the properties after their last auction sold twenty-two properties in November.
Patrick Folan from The Connacht Property Auction believes the key to the auction success is to set reserve prices at the right level and allows buyers a fair opportunity to purchase.
“We agree realistic figures with the vendors which are not too high but also not low. If at the end of the auction, bidding has reached reserve or above, the property will be sold to the highest bidder. Buyers know that this is a fair system and that the property will be sold if they do not put their bids forward. This usually results in more interest and bids in the property and a sale at a fair price to both parties.”
The Connacht Auction is the only auction provider in the country that has no entry fees or marketing charges to go into the auctions. It is also the only auction company who provide a fully online auction system which allows bids to be made over the 45 day online auction period.
“All our properties are firstly marketed on our 45-day online auction platform. This allows us to test the market for a property and find suitable interested parties. Buyers can put bids forward on the property at any stage during the 45 days,” added Mr Folan.
“This gives buyers enough time to buyers to view and assess the property and the highest bidder secures the property, providing the reserve price has been met or exceeded. If the property is getting significant interest, the property can go forward to the public auction events.”
The Connacht Property Auction work with a host of established auctioneers including Lyons Bracken (Athenry), Spencer Auctioneers (Oughterard), Michael Cunningham Auctioneers (Gort), Matt O Sullivan (Clifden), Keary Auctioneers (Loughrea), Damian Lynch (Banagher) Paddy Keane (Ballinasloe), Michael Ryder (Tuam), Arthur & Lees (Ennis) and Considines (Kilrush) amongst others.
The public auction will take place on this evening, Wednesday, 26 March in the Clayton Hotel, Ballybrit, Galway at 7pm. Registration begins at 6.30pm. All properties can be viewed on the auction website www.connachtpropertyauction.ie. To speak to the auction team call 091-882121