Diary of an auctioneer

So what does an auctioneer do? Gary Murphy, head of residential auctions and partner at Allsop, explains When I tell people I’m an auctioneer, some assume I’m on the rostrum every day. As much as I enjoy this part of the job, I explain we hold seven sales a year. So, what do auctioneers do the rest of the time? Well, it is all in the countdown to the next sale. Before our next auction cycle begins, we celebrate at Allsop – we always have. It is important. They say you are only as good as your last sale, so the next day we go to work on those lots that didn’t make their reserve prices. Pricing appropriately is the golden rule at auctions. And pretty much the only rule. With the next auction taking place in less than eight weeks, the team starts the groundwork. With preparation in safe hands, I head to a meeting with a housebuilder to discuss arrangements for a global online auction of new off-plan homes. I am convinced that this will be the future for selling this sort of stock in a fair and transparent way. The meeting goes well and we leave with signed terms for a major sale later in the year. Ireland I am with our Irish auction team and we are holding our 14th online auction sale. The Irish market has completely embraced the online method and in-room auctions are a thing of the past here. Although the auction day itself differs when online, nothing changes prior to auction. Just like with our traditional auctions, our sales team has been busy inspecting, valuing, cataloguing and marketing lots for auction day. It is still all about best advice, it is just that the bidding is closed by the software in the virtual room, not by me in the ballroom. I must admit, I miss the rostrum but this, undoubtedly, is the future. The sale raises more than €26m (£23m). Mid-auction cycle There are around 100 lots on our system but we need to have over 250 to create a major event and attract a full room on the day. We can’t be complacent, nor can we compromise on stock or sensible pricing. Do this just to fill the catalogue and the final result will be punishing. I receive a call from a mortgagee who wants to enter a Grade II-listed family house in the Cotswolds. It’s a stunning home for someone – six bedrooms, four bathrooms, plus a two-bedroom barn conversion. We view it together a few days later and agree our marketing strategy. Final countdown It is catalogue deadline week. Everyone is in the office. There is a heads-down atmosphere. We are up to 280 lots, at least 100 of which seem to have come in the past week (always the way). We have until Friday evening to ensure that everything is accurate and approved. Each set of particulars forms part of the sale contract. They can’t be wrong, it is that simple. We sign off on Friday evening and on Saturday morning our website is live. The catalogue will be e-mailed worldwide to 170,000 voluntary subscribers. Monday morning and the phones are ringing constantly. E-mail alerts notify of documents downloaded. Certain lots go crazy from the off. Some take more nurturing. Over the next three weeks we will know if we have got the pricing right. The trick is to acknowledge any need for correction early and advise the seller. Remember the golden rule! Auction day It is 9.30am. Show time. Everyone knows exactly what to do – from the telephone desk to the legal room, to the runners and the auctioneers. It’s a well-rehearsed, fast-paced operation. My sale rate is about 3 minutes per lot – and my colleagues say I am slow! Mid-morning and I turn the page to see the house in the Cotswolds. It sells in the room for £1.555m to a husband-and-wife team. It’s their first time in an auction room. They look nervous when bidding and then elated as the hammer drops. By 7.30pm the last lot has gone. £72m raised and 81% sold. It was a strong room. Relief. Satisfaction. Celebration. Post-auction We receive a very nice e-mail from the buyers of the house in the Cotswolds. They are thrilled – even if they did pay more than they wanted to. That is what I want to hear. We have done our job. The auction cycle starts again  – but not before a celebration. Allsop’s next residential auction is on 20 July at the Cumberland Hotel, London. The catalogue is due to be released on 1 July.