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In a world where you can buy anything online from your grocery shopping to a car, why not Commercial property? The concept of being able to buy commercial property online has many pro’s and con’s depending on the property but is still a great platform for vendors to move through the auctioning process.
The most obvious pro to having an online auction is its accessibility. Anyone in the world can log in and bid, which means the for market for buyers is hugely widened. It will also be able to benefit sellers looking for a ‘fast buyer’ as the main auction timetable can often take longer than sellers would like.
The con’s to online auction is it won’t work for all properties – especially properties which are unique and without many comparable. These types of properties need multiple viewings as they can be worth a different value to different buyers depending on what their plan is to utilise the space.
Teresa Beatty a commercial surveyor at Morgan Pryce has said “everything is now online and it only makes sense to be able to buy your next property online as well.”
A large property firm LSH has recently started the online auction process and are very positive about it place in the industry.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.