An online agency says its virtual auction service can be used even by its rivals between now and the end of 2020, so long as they pay a fee if their listed properties sell.
99home’s virtual auction service is called Justsold and launched over the summer. Its mission statement says it will “provide a powerful online platform for clients who like to sell or buy properties through auction, where direct vendors, corporate clients nationwide - ie estate agents, solicitors, executors can use our unique setup of online auctioneering to sell their properties efficiently.”
Now it says rival companies, including other online agencies, can use the Justsold platform with no set-up, registration or listing fees.
However, each sale secured after a 28 day online bidding period will mean the listing agent has to pay the auctioneer’s fee of £500 plus VAT.
99Home has told Estate Agent Today that its service works like this.
The vendor agrees a Reserve Price while the listing agent decides the Guide Price.
Upon receiving a legal pack from a solicitor the auction will start, lasting 28 days - the property will be listed on some portals and will have some social media exposure during this time.
If the Reserve Price is matched, the property will be sold to the highest bidder, with an immediate exchange of contract, and completion as per the legal pack details.
The auctioneer’s fixed fee of £500+VAT is paid by the agent - who, separately, is free to agree its own fee to the vendor, with no split commission with 99Home.
“Justsold platforms will give agents/vendors a significant control over their auction listing where they can see what is happening such as number of bids, property followers, etc” says a statement from the agency.