Allsop Auction

smccarrick wrote: »

The reason why 10 properties failed to sell in this auction- is that this auction was a new direction for Allsop. The previous auctions were predominantly repossessions/bank sales of BTL properties (with a smathering of commercial and other property types thrown in the mix). This was the first auction where private sellers were courted and offered the opportunity to dispose of their properties via the Allsop auction- doubtless on the strength that Allsop were almost singlehandedly the sole functioning auctioneer in the country- look at the cack results from Galway and Cork?

So- they accepted properties from these private individuals- alongside the expectations that these private individuals had.

Obviously the reserves and amb's were set at far too high a level to elicit interest in the property- and for this Allsop only have themselves to blame. Running an auction in Ireland *is not* the same as running one in the UK- and there is a significant measure of research and due dilligence needed on the part of the auctioneer, if they intend to shift the lots on the day.

Personally I would suggest that the fact that 10 lots failed to sell, is a failure, and should be cause for a re-evaluation of the process for Allsop- either they invest the time and resources in convincing private sellers that their property has fallen by 60-70% (which in a lot of cases is true), and while they might get a better result on the day, not to expect it. Alternatively- they abondon private sellers, and stick with the disposals of repossessed and distressed properties- which is the area they are singularly good at.

It really is the case that the Irish pre-occupation with property is a factor they never properly enumerated- when they started taking significant numbers of private sales. They are doing themselves no favours, and indeed tarnishing their image- if they continue down the road they've started, without significant revisions to their business plan......

I'd love to know what excuse the owners of the 10 properties that failed to sell are telling themselves- I'm guessing its a blame game, and the banks are the villains of the day in their minds again- ordinary people being unable to get hold of finance to assist in a bidding frenzy.........

Unfortunately we, as a people, really don't seem to learn........