Rightmove signs up four more auctioneers to its ‘bid to purchase’ initiative

Leading auction houses SDL, Pattisons, Bamboo and GOTO Group join iamsold uploading details to property listings.

rightmove

Rightmove aims to further plug online conditional auctions by signing up another four providers to use its digital feature for agents.

SDL Property Auctions, Pattinson Auctions (pictured), GOTO Group and Bamboo Auctions have joined existing provider iamsold in enhancing agents’ listings with more information about this sales method, to help home-movers better understand it when looking for their next home. Iamsold got first dibs on the deal, adding its auction details to properties since Mid-April. In February Iamsold signed a similar deal with Zoopla.

Rightmove agents who are already customers of these online conditional auction providers will automatically have the information added to their listings.

An online conditional auction – also known as the modern method of auction – allows a longer timescale for exchange and completion than a traditional auction, opening it up to more home-movers.

Non-refundable fee

Most of the legal and conveyancing documentation is prepared before the auction goes live, and buyers can expect to pay a non-refundable reservation fee of about 5% of the purchase price.

Agents can partner with an online conditional provider and offer this sales route to prospective vendors; if an agent signs up to one of these five providers they will have their listings enhanced on Rightmove.

These contain near real-time information about a property’s latest bids as well as more information on how online conditional auctions work, and a prompt to contact the agent marketing the property to register their interest.

sdlCommercial director at SDL Property Auctions, Louise Moss (pictured), says this way of selling is all about providing security and fixed timescales and is very different to the perception people have of traditional auctions.

She adds: “If agents have clients who are highly motivated to sell and would benefit from the security, a conditional sale means there is a commitment on offer as the buyer pays a non-refundable reservation fee to secure the property. This way of selling really is growing in popularity.”

But not everyone support ‘modern method’ auctions, largely because it loads the costs onto the buyer rather than seller – a bit like asking a home buyer to pay the estate agency’s fee, not the vendor.


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