The Guild of Property Professionals says the first sale through its white-labelled Guild Auctions operations has produced over £18,000 in commissions for the agent.
Guild Auctions is powered by IAM Sold, an online auction platform responsible for selling over 10,000 properties, and its first home under the hammer was in the north east.
It sold for £875,000 through Guild member agency Dobsons.
Guild of Property Professionals chief executive Iain McKenzie says: “Guild Auctions combines the excitement of a live auction event with the convenience of bidding from your own home.”
Buyers and sellers can monitor and bid on homes twenty-four hours a day, seven days a week. Each property is listed for four weeks and potential buyers are invited to participate in a virtual auction to sell the home.
The process for payment is guaranteed to be completed before the 21st of the month following a sale, so participating agencies can be certain of when the process will be completed.