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Pattinson Auction

A guide on referring properties for auction and how the auction process works in Street

Elliot Palmer avatar
Written by Elliot Palmer
Updated over 3 months ago

Pattinson Auction

Using our two-way integration with Pattinson Auction, you can easily refer properties to auction in a simple click. You’ll be kept in the loop with live updates for every bid and an auto-sync to Street.co.uk when a property has successfully sold, making the entire process seamless.

Note - The option to refer a property will only show for Company Admins to prevent non admins referring a property without authorisation.

Before you can do this you must ensure the integration is enabled and setup correctly. You will also be required to setup an account with Pattinson Auction. For more information, see our Pattinson Auction Integration help article.

How does the Pattinson Auction Integration work

As well as this written help article, we've put together a training video of the Pattinson Auction process where Amy, our product trainer, talks through the process visually.

The first time you'll see information regarding Pattinson Auction is on the valuation page.

Here you will see a card on the right hand side which has options to see the benefits of auctions and an option to refer the property. A property can be referred to Pattinson for auction at any stage after the valuation has been booked.

This card will also display on the property page so you can choose to refer during the valuation or at a later stage if needed.

Notifying the vendor of the benefits of auction

Before referring a property to Pattinson, you will most likely want to know if the vendor is interested in selling via auction. When sending a valuation report to a vendor, you have the option of including auction benefits on the report.

If checked, the valuation report will display some key benefits of auctions, under the Pattinson branding.

Additionally, the auction card on the valuation will update to show that the auction info was sent with the valuation, as well as an entry in the timeline highlighting that the auction benefits information pack was sent to the vendor.

How to refer a property for auction

When you are ready to proceed, you can click the 'refer property to Pattinson' button on the auction tile, either from the valuation or property page. From here you can optionally add a note to the referral, keeping everything recorded in Street and avoiding follow-up emails.

Referring a property to Pattinson will send them the vendor's name, contact details, property address, valuation details and any other property information held in Street.

Note - Referring a property to Pattinson doesn't automatically create an auction listing.

Once the property is referred to Pattinson, the card on the valuation and property page updates to highlight that the property has been referred and a log is left in the property page activity stream. The auction card will then display an option for 'what happens next' giving a clear breakdown of what happens after referral as well as an option to cancel the referral should the vendor change their mind.

What happens next?

Once referred, Pattinson will contact your agency first with any questions before contacting the vendor. If you agree to proceed, Pattinson will then contact the vendor and discuss the possibility of selling through auction. If the vendor decides to proceed, Pattinson will do the following:

  1. Confirm the reserve price and starting bid price for the auction, if the vendor wishes to go ahead.

  2. Set an auction deadline date with the vendor.

  3. Send the vendor an auction contract to sign.

Note - The vendor has a 14 day cooling off after signing with Pattinson.

You will have access to the Pattinson portal and an account manager to keep updated on the progress. During this time you should continue to onboard the property, having the vendor complete their PIQ and AML Checks etc.

Pattinson will then contact you to confirm when you can publish the listing for auction on the portals via Street. You should not publish the listing for auction until Pattinson have confirmed everything is ready.

What if the property is already onboarded and listed on the portals?

If the property has already been onboarded and is listed on the portals and the vendor has since decided to proceed via auction, you must still refer the property to Pattinson and go through the usual process.

Once you've had confirmation from Pattinson that the auction listing is ready to go live, you can go ahead and update any property details (such as adding auction relate information into the description).

Finally, you need to decide whether to withdraw the existing listing and create a new one or simply edit the existing. To withdraw, go to the property page > edit > withdraw sales listing and select 'listing for auction'. Then go to edit > make available for sale to setup a new listing.

If editing the existing listing, go to edit > edit sales listing to update the listing price if needed. You'll see an Auction Listing banner that you'll need to check to confirm the details are up to date. Click save and the listing will update.

If at this stage the vendor says they are no longer interested, simply click the 'mark as not interested' which will revert the listing back to a non-auction style.

How does the auction process work within Street?

All of the auction process is handled by Pattinson however on the property page you will see the Auction Performance card, displaying the whether the listing is live, the current bid, number of bids, auction end date, reserve price and if the reserve price has been met.

When the auction ends, the tile will also update to display whether it has sold or not.

When the auction ends and the property has been sold, you can go ahead and click the 'mark property as sold' button in the auction performance tile.

You will need to enter the applicant details who made the winning bid (note - you may need to create a new applicant if they don't exist in your network already). The winning bid amount will automatically pull in from the auction performance card. You can also choose whether to list as Exchanged instead of the default SSTC.

Finally, enter the commission amount that you will be charging Pattinson for the sale of the property. It's important to remember that this may have originally been entered as the instruction fee for the vendor so ensure you double check this is the correct amount for you to charge Pattinson.

Generating the completion invoice

To generate the completion invoice, head to the sales page and click actions > generate completion invoice, as you usually do with any sale. However you will now see an additional option the address the invoice to Pattinson Auction.

You should select this to ensure the invoice is addresses to Pattinson and not the owner. You can then send the invoice as usual and await payment from Pattinson and you've completed the auction journey through Street!

Street is constantly being updated. This can mean that some of these articles become slightly out of date. If you spot something that looks a little bit different to your Street account, please let us know on the live chat so we can get it updated!

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