- Property Properly

A record price per acre set by Donegal auctioneer and brand new innovation sees land in Meath sell for €2.5 million

profile-image | Fri 23rd October | Auction

Sean Fureys is a respected family run business operating since 1982 on the scenic Inishowen Peninsula, with a speciality in insurance and property. On 20 August 2020, they faced a major obstacle. An auction of 7 lots of agricultural land was scheduled to take place in the local hotel on September 5, Saturday. However, the government declared an instant tightening of COVID restrictions, ruling out gatherings of more than six people. How were they to not let down their buyers, not lose the momentum gained from the extensive marketing campaign, while at the same time ensuring a sale and best price for their client, the vendor?

The solution was Offr! The Offr process allowed the agent to swiftly move the auction online while maintaining trust with their buyers. The Offr button sat neatly in the bottom right corner of their website. On the day, 90 people were vetted and registered to bid in the auction. €450,000 of pre-auths were automatically taken on registration and released to the unsuccessful bidders on completion of the auction. All 7 lot started at 11 pm but ran for an extra 30 mins longer than the previous lot to give all bids enough time to move between each auction. 47 bidders participated from the four corners of the globe, placing 305 bids throughout the 3.5-hour auction. The auction had a 100% success rate with each lot selling well in excess of the reserve price. A record price per acre set for agricultural land by Donegal auctioneer, Dara Furey, using Offr. €1.5m paid in total for 7 land lots. 

A brand new innovation to sell agricultural land on Offr succeeds resulting in a €2.5m sale 

Raymond Potterton is a respected estate agency operating since 1991 in Navan, with a speciality for agricultural, residential and commercial property. On 13 September 2020, they faced a major problem. An auction of 196 acres of farmland was scheduled to take place in a local car park on September 20. However, the government announced new restrictions to slow the spread of COVID, ruling out indoor and outdoor gatherings. After an extensive marketing campaign, how were they to keep the momentum gained, while at the same time ensuring a sale and best price for their client?

The solution was Offr! The Offr process provided the agent with a means to speedily move the auction online while preserving their buyer's trust. Sitting neatly in the bottom right corner of the agent's website, the powerful tool allowed the agent to complete a property transaction online. Stiff competition saw €2.5m paid online yesterday for a prime 196-acre farm in Slane. A new record for the largest deal through Offr. It also resulted in a brand new innovation. Raymond needed the flexibility to first invite indicative bids on the farm in multiple individual lots (Lot 1 and Lot 2), followed by indicative bids on the entire (Lot 3), before then deciding on the best route, with a final, binding round of bidding to close it out. All to ensure the best possible outcome for their client.

Having been contacted with just a week to go, the Offr team successfully developed the bespoke solution and quickly moved the auction from the original physical venue to a 100% virtual experience for all parties, including bidders and solicitors. Contract signed online and deposit paid online.