What do you know about Shonki Bros?

Fri 06 Sep 2019 16:28:40

As this will be one of our first blogs. We wanted you, the reader to know a little more about our business and the team behind the success of Shonki Bros.

Shonki Bros was established in 1965 by the late Mr Amar Singh Shonki. Since this date, our office has been located at 95 Narborough Road, Leicester. Our agency offers Property Auctions, open market Sales and Lettings & Property Management.

Shonki Bros is still family-run and owned by Mr Shonki’s son Mr Lal Sangra, Mrs Kamaljit Sangra & grandson Mr Gavinder Sangra. The full team also consists of Miss Anjali Dhir & Mrs Narinder Kaur.

We are now into the third generation of the business. Currently, the father and son duo are paving the way in the property sector in Leicester. We aim to keep the successful formula alive and anticipate a fourth-generation taking over.

We as directors feel running a family business has always been an enjoyable experience. It gives you the drive to work much harder, to ensure business is working well and there is enough activity in order to survive in this very saturated market.

Nothing can beat working alongside family. Our amazing staff makes it easier to keep a family-orientated environment to work within.

Property Auctions

What makes us the longest-serving property auctioneer in Leicestershire?

The founder of Shonki Bros, Mr Amar Singh Shonki had an amazing idea in the late 70’s. This was to offer properties for sale by auction. The reason behind this was that a number of people having a demand for the same property, therefore he thought it would make more sense for them to bid for the property and the highest bidder would win - simple.

The property auctions originally started in the office with customers attending the office to bid, over time, this changed and the auctions have been held at Leicester City Football Club for over 20 years. Being one of the most prestigious venues in Leicester, it was an easy choice for us. We are very happy to have kept this relationship with Leicester City Football Club for this long.

Why you should buy at Auction

1. The improvement in Auction sales is due to vendors becoming more realistic in terms of their expectations as to what price is achievable in today’s market. The Auction market among investors is providing a more viable route than the open market due to the yield return being at a minimum of 8%.

2. Vendors are becoming more and more content with the auction method of selling. This is shown in the past few auctions, as higher margins between the guide prices and sale prices are now a trend.

3. In an auction sale, potential buyers are protected from ‘time wasters’, in the normal property market, sales can collapse whereas if the buyer does not proceed at auction, then they lose their 10% deposit of the purchase price.

4. Some of the lots featured in this years Shonki Bros Auctions were on the open market for up to a year with other agents. The fact that these sales have been achieved within six to eight weeks from marketing, demonstrates clearly that there is more of a demand for an auction method of sale.

5. We are also seeing a real demand from owner-occupiers who are looking for a home and often feel what is being offered at private treaty has gone stale and are looking for fresh stock.

6. Demand is still evident at Auction for properties located in attractive areas and keenly priced properties which may have the potential to add value.    

Our initial in-depth meetings with our vendors are vital to make sure both parties are working in the same direction to achieve the main goal, which is that the property is sold efficiently, at the right price and without any hurdles.

The rostrum is only part of the auction process but having a good and experienced auctioneer makes the overall procedure a success. Having experience on the stand for over 25 years also helps.

The future of Shonki Bros

We look to continue property auctions as it is a big part of the business. We look to gain further lots consistently in the coming years and to make property auctions for vendors a simpler way of selling the property. In addition to this, we aim to gain more private treaty sales and grow the rental management portfolio.

Growth is key to our business. We are now on all social media platforms. Please follow us and keep an eye on our journey.

Fun fact……

Gavinder Sangra, one of the directors, used to play football academy level for Wolverhampton Wanderers FC for 6 years. From this, he signed for Mansfield Town FC. Then stopped playing due to an accident.

Not only is he a responsive and trustworthy property agent/surveyor, but he’s not too bad with his feet. 

 

Thanks for taking the time in reading this. Likes, comments, and shares will be gladly appreciated.