Some areas of the commercial property market are feeling the strain due to the effects of the coronavirus. However, despite some lenders being more cautious and increased difficulty in undertaking valuations, there are some aspects of the market that continue to prosper.
One such example is commercial property auctions. Auctioneers, which had already run a significant proportion of their auctions online, are moving fully online and conducting their auctions remotely, meaning that property sales can proceed as normal.
For example, Strettons that held its recent April commercial property auction online, used a combination of remote bidding, Zoom, telephone and proxy bidding.
Director of Auctions, Andrew Brown, commented that “we are obviously still feeling our way through a new way of doing things, but it went very well. I’m a firm believer that whatever the market conditions, the right property at the right price will sell”. Despite the challenges, Strettons will continue to conduct their May auction remotely (and further auctions if required).
Therefore, despite the uncertainty, auctions are still an area of the commercial property market that remains resilient, operating as close to normally as possible by adjusting their response to the situation.