Fast track auctions allow a bidder to get the auctioneer’s attention faster.
This allows them to bid on lots in quick succession.
It also means the bidding process is much easier, as there is no risk of a lot falling off the auction floor.
The most famous fast track auctions have been the 2013-2014 Winter Olympics, which saw bidding at $200 million, and the 2011 Super Bowl, where bids totalled $200 billion.
Fast track also allows lots to be moved to the main auction floor more quickly, so bidding can be moved closer to the deadline, making it easier for people to buy the lot.
Auctions have become the most important part of the sale.
In 2018, the UK’s National Lottery and Ticketing Authority estimated that £1.4 billion was spent on auctioneers, who handle around a third of the total UK auction market.
Fast tracker auctions have a high turnover because of their ease of use, and they attract a large number of bids.
They also allow lots to get quickly moved to one floor and off the ground, which makes it more affordable to buy and sell lots, says James Breen, a property analyst at Bespoke Property.
However, fast track can be expensive, as you have to negotiate a lot’s value, which is not cheap.
“When you’re buying, it’s very important that you know what you’re getting into, because you’ll never be able to sell that deal to somebody else if you don’t know what the value is,” he says.
There is also the possibility that a lot could go bad, or be marked up and sold at a loss.
Bespoked Property’s Breen says the majority of the value of a fast track lot is hidden in the buyer’s bid, which often involves the seller selling their house and letting someone else buy it.
This is a process called “mark-up”, which means the buyer may be paid a percentage of the property’s value.
However this is a risk, and buyers are better off buying at market rates, he says, rather than paying a high mark-up price.
The risk of the mark-ups can also be increased if lots are sold in multiple auctions.
Bewley has been buying lots for more than a decade, and he says he has never been hit by a lot bidding too high.
He is also confident that the market has become more efficient, meaning lots have become more valuable for buyers, who are less likely to bid high.
But he warns that not all lots are created equal.
“I think the biggest risk for lots is that if a lot is priced too high, or there are too many buyers, then that will make the auction go very quickly,” he said.
The biggest risk is that a buyer will be offered a deal which they can’t accept, and if they do, they will be able pay a higher price for the lot, says Bewry.
Bewsley says he is aware that there is a lot of uncertainty around bidding for lots, and that he will be cautious before he puts any money down.
“We’ll make sure that I know what we’re getting and I don’t have a lot to lose,” he added.
There are a number of different ways to bid for lots in fast track, including: buying at the auctioneers office, where lots are first advertised for sale, and then in-person auctions at specialist venues.
These can be quicker, but they are less efficient than in-house auctions, because there is more chance of a mistake, says Paul Parnell, head of retail at the Bespokes Property Group.
Bets are also made through bidding, where a lot can be bid online and a representative will contact you.
Bids can also take place over the phone, and there are also auctioneers that can take bids in person.
“You can bid up to a thousand dollars,” says Parnick.
However in-houses and auctions have advantages.
In-houses are usually more efficient than auctions, says Pellell, and are less costly.
They are less susceptible to fraud, and their prices are lower.
In general, lots tend to sell faster, as lots tend not to be on sale in the same place for as long as in-home auctions, Parnill says.
But in- houses are often a bit more expensive than auctions because they are more complex and there is the risk of price fluctuation, which can affect the value.
“It’s a lot more expensive to buy than an auction,” says Bewsy.
Another advantage to in- house and auctions is that they can take place in different venues, so you can bid online or in-store, says Ciaran Murphy, head office of property at London Property.
Bays also have advantages over in- homes, says Murphy.
They’re usually more open, and less restrictive.
The big disadvantage to in houses is