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Will homes be next? Rightmove trials online offers and contract exchange for commercial properties

The portal's decision to trial 'selling' commercial properties online via its website may be one small step, but is likely to worry residential agents.

Nigel Lewis

rightmove

Rightmove has for the first time enabled buyers to make direct offers for properties and digitally exchange contracts via its website.

But the portal is only trialling the service among a selected few of its listed commercial properties for the next six months.

The service is being provided by Clicktopurchase for properties marketed by estate agency Singer Veille.

Visitors to Rightmove can view its properties within the portal’s commercial section, submit offers for them and also digitally exchange contracts.

Offers may also be submitted by private treaty, ‘best offers’ or during a real-time auction, depending upon the method of sale selected by the selling agent and vendor.

The properties range from a £20 million office building in Mayfair to a £300,000 retail unit in Yorkshire.

House sales

As The Negotiator revealed in December last year, Clicktopurchase has also been used to sell houses, so in theory its service could be offered among Rightmove’s residential listings.

Clicktopurchase is a buying and selling platform that enables a legally binding exchange of contracts online.

Property worth £225 million has been bought via the blockchain-based platform since it was launched both in the UK and Ireland.

“Trialling a route to this technology through Rightmove will give potential buyers the chance to do everything online, from property search to legal exchange” says Rightmove’s Head of Commercial Alex Solomon (left).

“By offering this to the UK’s biggest commercial property audience we’ll find out how much of an appetite there is for a solution like this.”

 

July 5, 2019

2 comments

  1. Well well; what a surprise. I bet there will be hundreds if not thousands of High Street agents moaning about this, so it will be interesting to know what percentage of those moaners signed up to OnTheMarket from the start.

  2. In my opinion this is not good news for the future of all the high street estate agents!
    Most residential estate agents are already unhappy with Rightmove.co.uk always dictating prices etc. making many moving over to alternative property portals in order to achieve better value for money. No doubt Rightmove will be thinking of going forward with this proposal if its commercial trial is successful and will introduce this for the residential listings in the future so agents should be ready for this potential scenario.

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