Fast-growing auction provider IAM Sold has signed up its first prime property agent, Fine & Country, and is preparing to roll out its white-labelled service among the agency’s participating franchisees early next year.
The deal will add Fine & Country’s 200 franchised branches to IAM Sold’s existing network of 1,900 branches.
The Park Lane based prime property market agency brand, which shares a parent company with The Guild of Property Professionals, made the decision to sign up with IAM Sold because it believes auctions are no longer the preserve of the lower end of the property market.
Fine & Country has already sold its first property through an IAM Sold auction, despite the ink still being wet on the contract.
This was a four-bedroom Edwardian detached house in Longfield, Kent (pictured) which, after 21 viewings and 34 bids, sold for £1.562 – 84% over its £850,000 starting price.
“We are very excited about our partnership with IAM Sold,” says David Lindley, CEO of Fine & Country (pictured, left).
“The modern method of auction is no longer reserved for homes at the bottom end of the market. Some of our sellers need to move quickly, so Fine & Country Auctions is a great option for them.
“For others, selling at auction can achieve a price higher than they expected. It is certainly a great option to give to our clients.”
IAM Sold’s ‘modern method’ is a mash-up between a traditional auction and a normal sale – bidders compete for a property at an auction, but then have 28 days to ‘complete’ on the sale after a draft contract has been signed.
This, IAM Sold claims, makes the auction process less risky and opens up auctions up to a wider range of buyers than the usual investors and landlords.
Buyers can also bid online using the IAM Sold platform and, the company says, the longer timescales enable those with mortgages to buy at auction – something traditional auctions make much more difficult.
Commenting on the intitial auction, IAM Sold Managing Director Jamie Cooke (pictured, right) says: “This transaction is a record for IAM Sold in terms of sales price achieved, but with our rapid expansion in the south of the country, we expect to see more sales in these kinds of price ranges.
“It’s exciting that our network is starting to see the value of auction as a route to sale in all price brackets. Much like auction in fine art and antiquity, it can be the best route to sale for items that will be in high demand or are rare to come to market.”