Small

There are occasions when a smaller number of related lots are appropriate for being auctioned consecutively at the the same place and at the same time. This may be a number of adjoining building plots or retail or domestic investment properties or land and agricultural property in a particular vicinity.

Look out for special themes

Thus the small composite auction will generally foDow a theme. It may contain lots which result from the 'break-up' of an individual estate. Examples of this are:  A large agricultural investment estate where the
owners have decided that the best prices can be
obtained by offering portions of the estate in
small 

 The owners of a portfolio of residential investments in one particular suburb or of a row of shops in a particular centre may  decide that they will obtain the best price by offering the properties individually.

In such cases it is logical for the auction house to bring together its marketing and advertising and produce a single brochure, one set of advertisements and run just one auction session. The number of reople attending is likely to be less than those sending a larger auction and therefore there is no need for the auction house to organise a sale in a large venue. The auction room may well be a smaller hotel, church, village hall or similar sized building.

Medium

The medium composite auction is a smaller version of the larger composite auction, where either the lots will be restricted to a particular category, for example repossessed vacant houses and flats on behalf of finance houses or, alternatively, a mixture

The single lot

If a vendor (also called the seller) chooses to offer a single lot, it is often because the auctioneer believes there will be a tremendous demand for the property

The costs of promoting a single lot sale will be considerably higher than for a composite auction. This extra cost must be justified by the belief that the property is one for which there is a spectacular demand. The audience may only be between 10 and 75 people and the auction room will need to be of a corresponding size.

What properties are offered for sale by auction?

Thatched cottages

Some rural and suburban firms of auctioneers specialise in offering for sale by auction country cottages of which the 'thatched cottage' is the prime example. These are usually sold in single lots and occasionally in small, themed sales. Even when othe types of auction during the 1950s were unpopular, the 'thatched cottage' sales were still held quite frequently, as both vendors and auction houses believed that considerable competition could be engendered between would-be-buyers, by offering this type of property for sale by auction. That belie! was furthered by the belief amongst valuers that it was almost impossible to judge precisely what price such a property would realise. From the owner's point of view, therefore, the possibility of a crowdec auction in a hotel or public room one evening with bidders fighting to buy was irresistible. Although th romantic cottage exemplifies the type of property which vendors feel are best offered for sale by auction, it should not be forgotten that other types of property which are particularly attractive, for whatever reason, may also benefit from the 'thatchs cottage' syndrome, and realise a high price in the auction room as a result of exceptional competitioi

Why not pick up an exceptional property?

Other properties that might benefit from exposing themselves to exceptional competition include:

houses that are unique because of their historic associations or their exceptional position;

 building or development prospects which are in pockets of exceptional interest or demand;

 investment properties of a type which are particularly in vogue at the time;  plots or buildings which hold the key to development or profit-making prospects; sites or buildings appropriate for uses which follow fashions of the time. (Over the years these have included post offices, launderettes, petrol stations, food take-aways, nursing homes, bowling alleys, multi-screen cinemas and docklands, to name a few.) Dealers and entrepreneurs who have spotted the next trend or vogue will already be combing the auction rooms for their future stock.

Properties that are almost unsaleable

The auction route has often proved more successful than the private treaty sale method in the disposal of properties that are nearly unsaleable. Presumably this is because at auctions there is an element in the audience who are able and willing to 'chance their arm', particularly if they feel that a lot is apparently a bargain.

The sale rooms have seen the successful disposal of various properties that have been:

•      derelict;

•      subject to compulsory purchase orders;

•      subject to major disrepair or fabric failure;

•      subject to local authority repair notices;

•      subject to closing orders;

•      offered with unsatisfactory legal tides;

•      sold without access;

•      sold with major fencing, paving, drainage or
other similar responsibilities;

•      sold subject to easements, covenants or
restrictions which prevent their satisfactory use;

•      in derelict or unpopular areas.