Rightmove’s deal with modern method of auction (MMoA) platform Iamsold is to go live on Monday in what the portal claims is an industry-first initiative.
This will see details about buying homes via the MMoA method added to the portal’s property pages, including if applicable information on a property’s latest bids in real-time, inviting bidders to join in.
Rightmove says it will work with Iamsold initially for residential properties but is in discussion with other providers as well.
Two years ago it completed a live trial among its commercial listings using another online auction firm, Clicktopurchase, while Offr has also suggested in the past that a deal with a portal is in the offing.
The Iamsold feature will give agents an extra route to market to offer to existing and prospective sellers, the portal says, and it will work hard to offer its visitors information how MMoA.
Currently, this method of online auction buying is little known among home buyers, who still largely see auctions as the preserve of TV programme such as Homes Under The Hammer.
Rightmove’s Agency Director Dave Anderson (pictured) says: “We’re excited to start this journey to help give agents more options to offer to their vendors, and to explore how home-hunters interact with agents’ listings when they’re provided with more information about this method of buying or selling.
“We know that the exact process varies from provider to provider and so we’ve developed information for home-movers to help them better understand how Online Conditional Auctions work. We hope this could open up more routes to property transactions for agents who may not currently be using an auction provider or who do not have their own auction service.”
Not everyone in the industry is supportive of MMoA in particular because it loads the costs onto the buyer rather than seller.