An online agency which claims to be the first in the world to be dedicated to sealed bid property sales, is to launch in January.
The site - SealedBid.Property - is aimed at developers and private owners of high value properties in London and the south east who are willing to put their homes through a three week auction process.
The homes for sale are advertised on the SealedBid website and on Rightmove and Zoopla; the auction for each property is open for three weeks.
Danny Jay, one of five directors of the company, told Estate Agent Today that listings are entirely free but a fee is payable when a property sells.
“The first option is to pay a straight one per cent commission of the sale price” he says.
“Option two is to pay £5,000 as a flat fee and then 15 per cent of the uplift we achieve beyond the reserve price. So for example if the reserve is £1m and we sell for £1.1m, it’s £15,000 plus £5,000” says Jay, a business entrepreneur.
Once buyers have completed the verification process they can place their bid and if won, the property will be legally theirs, he says.
The agency is brand new, starting work this week with press publicity and then the firm’s five directors - one of whom has agency experience having worked with Hanover Residential - will next week begin recruiting sellers’ properties.
The website will have its formal launch in the new year; in addition to publicity on the two main portals, it will rely on extensive social media publicity to generate interest in specific properties.
You can see the new website here.