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News Story

New auction portal designed to stir buyer action

Wednesday 22nd October 2008

A new property website designed to breathe life into the housing market has been launched by an estate agent.

Michelle Sheppard, who runs Venditum in Salisbury, Wiltshire, and who previously worked for Penyards and Humberts, is now rolling out housebid21.com

It allows buyers to bid for property online – but unlike a traditional auction the site stimulates buyer interest and activity rather than binding offers.

“It’s a bit like an auction but without the drawbacks,” said Sheppard. “Bids are not binding – the whole system is non contractual because buyers are indicating a price rather than entering a contract, until they decide they want to.

“But estate agents get more inquiries about these discounted properties and once applicants are through their doors, agents have the chance to show them all other relevant properties.”

Emails are sent automatically to everyone keeping them informed of how the bidding is going, making the process open and transparent.

Sheppard added: “This is a different kind of site because the economic times require a different approach. The site is all about creating activity, drawing buyers out and getting the phones ringing, and nobody has seen too much of that recently.”

She said the site was suitable for agents with motivated sellers who would be prepared to have their property listed at a low starting price, and then find its own value as people bid for it.

Agents subscribe to housebid21.com for £20 a month and then for £15 a property. Each property is uploaded for 21 days, setting a time limit for bidding and stimulating activity.

After three weeks, the highest bid can be accepted or negotiations started, though the vendor may accept a bid at any time.

Sheppard piloted the idea with several properties from an agency in Wiltshire, all listed at competitive prices, and a number have already been sold.

Agents have their own profile page with access to all the activity within their properties. Prospective buyers can only contact the agent who has listed the property. Private sellers are not allowed on the site.

The site attracted 12,000 hits a day in September after a small item of editorial appeared in a local newspaper.

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Posted By TREFTJEFDORAFED on Saturday 27th December 2008 05:57:36

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znfamluyndsjdjugwell, hi admin adn people nice forum indeed. how's life? hope it's introduce branch ;)

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Posted By Simon on Friday 24th October 2008 04:05:52

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Why would anyone want to use it if it's not legally binding?? A much better version is: auctionyourproperty.com

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Posted By brightmove.co.uk on Wednesday 22nd October 2008 11:32:22

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Full marks for a vivid imagination.

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Posted By Dangerous on Wednesday 22nd October 2008 11:19:53

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Won't take off, as the bargain hunters will be making silly bids!

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Posted By Andy Williams on Wednesday 22nd October 2008 05:40:50

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Like it and I reckon buyers will too. It doesn't look like Lot 37. Potentially looks good value and if it brings applicants with silly bids then at least it's another buyer. Silly bids can turn into serious.

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Posted By Terry Jarnell on Wednesday 22nd October 2008 04:43:37

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Just like Lot37 ?

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Editorial Contact Details - Rosalind Renshaw | rosalind.renshaw@estateagenttoday.co.uk | 01252 843 566.