Reserve strategy: optimism versus evidence

Evidence first

Land Registry sold prices for similar stock trump wishful thinking. Break yours into condition bands, not just postcode averages.

Psychology

Bidders anchor on the guide. Wide gaps between guide and reserve dent trust; people stop raising hands.

After a pass-in

Unsold lots can still trade post-auction. Be clear with the auctioneer whether you will entertain offers immediately and at what level.