Foxtons has made its first move into online auctions following a partnership revealed last night with platform BidX1 that will see its first digital sale held on 25th February.
The estate agency is hoping to sell 18 houses and flats across London and the Home Counties and the initial auction will take place a week after BidX1’s main monthly event on 18th February and be dedicated to the agency’s own properties.
BidX1 was established in Ireland but has UK headquarters in Mayfair. It was the brainchild of a former Allsop auctions partner Stephen McCarthy (left), who in 2008 was invited by several Irish banks to help sell distressed stock following the financial crisis and the collapse of the ‘Celtic Tiger’ economy.
BidX1 have released a statement to The Negotiator saying: “Our platform is revolutionising property trading and we’re delighted to be collaborating with Foxtons, who have always been early adopters of technology.
“The process is the same as for all our online auctions: legal documents available for inspection on the platform, online registration, and transparent online bidding on the day, with all bids logged and displayed in real-time.
BidX1 claims that there are clear synergies in a collaboration which brings together Foxtons, London’s leading estate agent, and BidX1, market-leaders in the digitisation of property transactions. “We’re very excited to be working with them, a BidX1 spokeswoman said.
“There are over €100m worth of investment properties across five markets available on the BidX1 digital marketplace this month, in cities like Madrid, Johannesburg, Dublin and Nicosia, as well as London.”
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