A new A new online property service is launching that enables estate agents to add an auction element to both sales and lettings.
LetsBid Property enables agents to upload their listings to the website where registered buyers and renters can bid for property they’re interested in.
“The whole idea of LetsBid is that estate agents can offer online auction services as an extension to their business whilst remaining in complete control of the process, particularly in regards to whom they accept bids from and at what price,” said Milton Rodosthenous, LetsBid’s CEO. “In effect, we act like an estate agent’s virtual or remote auction department, enabling them to become an auctioneer overnight.”
Agents can set a guide and reserve price as well as the duration of the bidding process. They can also access the full details of anyone making bids or downloading relevant documentation about the property. LetsBid has teamed up with credit reference agency Lets Safe, to allow potential renters to be pre-referenced before making bids to provide a smoother, more efficient and reassuring process for agents – ultimately closing transactions faster.
LetsBid says that it is bucking a big trend in the proptech market, highlighted by the likes of Rentberry, which seek to remove traditional agents from the property process. “Lots of proptech seems intent on taking business away from agents but we believe they still have the biggest part to play in property so we’re backing them, which is why vetted agents are the only ones who can upload property to LetsBid,” he said.
It’s completely free for buyers and renters to access the service, whilst agents simply pay a monthly fee – although the firm is offering a free 12-month subscription for the first 1,000 agents signing up. Both agents and the public can access LetsBid via a desktop website or mobile app, the latter having tailored versions for different agents.
“Ultimately, we hope to create a platform for property auctions that is as useful and successful for sellers and buyers as eBay is for everything else,” Milton, who has held senior directorships at Barclays corporate and retail banking, property development and finance firms as well as a leading UK national property auction company.