Prime Property Auctions (Scotland) Ltd is an innovative auction house based in the UK designed to help customers fast-track their house sales. With house auctions becoming increasingly popular as a way to sell a property, the firm offers perks to ensure that customers can sell fast and securely. We find out more from Luis Guarin as the company gains recognition in the UK Enterprise Awards 2024. Best Property Auction House 2024 Founded in in 2022 by Luis Guarin and John Morris in John's attic, Prime Property Auctions (Scotland) Ltd (Prime Property) is now the second biggest property auction house in Scotland. The firm’s offer to the marketplace is that it can sell a property within 28 days, where the customer sets the price, there are no marketing fees and, if the property doesn’t sell, there's no fee either. The rationale behind the inception of the company came about as the founders wanted to shake up the property auction industry by treating its buyers with the same care and respect as it does its sellers – with the forethought that buyers will work with them on future transactions. “We want to provide an “all access” look into behind the scenes of a property auction through our media team and content,” Luis Guarin, one half of the dynamic duo elaborates. “Our overall goal is to become the biggest and most well-known property auction house in Scotland.” But how does Prime Property strive to achieve this ambitious objective? Luis explains that the firm’s unique selling point is its focus on one thing and one thing only, that being selling properties under auction terms. Not lettings, not estate agency, not anything else. “All of our time and attention is spent on improving our systems and making both the buying and selling process as seamless as humanly possible,” he states. “This is an unending project but as long as we can improve by a small percentage consistently, those improvements compound.” Recently, the property market has seen its fair share of ups and downs, with sellers becoming tired of sales falling through. Under a private treaty sale (normal way of selling), buyers can pull out of a transaction right up to the day before missives are concluded (usually the day before completion). This is prompting more and more people to look at the auction process as an alternative way of selling. The main difference between a sale under auction terms and the normal way is that as soon as a price is agreed with a buyer, a nonrefundable 10% deposit can be secured. If the buyer decides to withdraw or goes over their agreed completion date, they would stand to forfeit the deposit to the seller. The buyer base is also not limited to just cash buyers because completion dates can be extended with the seller’s permission, therefore Prime Property can sell to buyers using a mortgage and the buyer would still be bound by auction terms so would be just as committed to the sale. With regards to the team at Prime Property, Luis and John focus on recruiting people who are hungry to learn, as well as those having a keen interest in property, and have coachability too. “When new candidates start with us, they only have control of their inputs due to not having the experience - the volume of their actions and time,” Luis states. “The combination of both is what creates skill, which when developed, requires less volume and less time to achieve the same results. Everyone is invested in the success of the business and we promote and grow from within.” Prime Property recently excelled in the UK Enterprise Awards, gaining notable recognition and being bestowed with the title of Best Property Auction House 2024. This prestigious accolade is testament to the hours of hard work put in both the founders and the dedicated team. Now, with the future looking bright, the firm’s next goal is to become the biggest property auction house by volume of sales in Scotland. Currently, it occupies the number two slot and, with a substantial gap between itself and number one, Luis and John are on a mission to close this as quickly and as sustainably as possible. Luis enthuses: “Our efficiency and success rate with getting sales, along with our growing reputation by way of online reviews, our media strategy by documenting everything we do, plus the fact that we want to make property auctions transparent and more accessible to people needing a quick and secure sale stands us in good stead for the future!” Contact: Luis Guarin Contact: [email protected] Company: Prime Property Auctions (Scotland) Ltd Web Address: https://primepropertyauctions.co.uk/
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