Property expert adamant auctions are 'still best way to sell'
With credit tight and confidence low, one would imagine the auction room might have lost its lustre as the place to sell property.
However, Paddy Jordan, of Jordan Town and Country Estate Agents, Newbridge, Co Kildare, is a firm believer that public auction remains the best way to sell agricultural land.
"Although we are in a very difficult economic environment, our company sold most of the land on our books in 2010 via public auction," Mr Jordan said.
"In the past year we sold 1,000ac. Of that, 90pc was by public auction, with about 80pc sold on the day.
"Even though the values have changed dramatically since the peak in 2006, the traditional auction environment still provides the best forum for the vendor to maximise the price achieved, assuming they have a saleable product from the outset."
He maintained that the auction room suits the Irish temperament.
"The traditional auction process is embedded in the Irish psyche and many country people prefer to buy this way; they understand its parameters, terms and conditions and clearly favour its openness to private treaty," Mr Jordan said.
According to the auctioneer, there were certain key factors in successfully selling a property by public auction. He identified four essentials that have to be in order: the paperwork, the guide price, local goodwill and target marketing.