Both Zoopla and Rightmove says there is growing demand within the housing market for this kind of online auctions offered by Iamsold, which is a hybrid between private treaty sales and traditional auction, known as the Modern Method of Auction (MMoA).
Listings on Zoopla created by these auctions now total £12 million, the portal says, and agents who sign up to use the Iamsold’s MMoA via the portal will get at 10 per cent reduction in their portal fees.
This is dependent on agents selling at least three properties a year via Iamsold.
Jamie Cooke, MD at Iamsold, said, “The project teams at Zoopla and Iamsold have formed strong relationships, as we work towards our shared goal of driving consumer awareness around the benefits of the Modern Method of Auction.”
But Rightmove has also been working hard to persuade its agents to embrace the MMoA and, after the ‘exclusive’ element of the deal between Zoopla and Iamsold ended, has been plugging Iamsold hard as well.
Commenting on the Zoopla deal, Awais Ahmad, CEO at Midlands agency AP Morgan said, “Vendors’ needs have changed since the first lockdown and the market is even more competitive when it comes to winning listings, so offering the MMoA helps us to stand out.”