National property auctioneer Pugh & Co is launching an initiative to partner with estate agents across the UK.
Via a new network Pugh’s, which has 11 offices across the UK, wants to establish formal links with agents who can then securely sell properties considered unsuitable for sale by private treaty, or those properties which require an immediate unconditional sale.
The auctioneer says the service is designed to provide agents with an additional revenue stream via an online or in‐room auction.
Its associate director Will Thompson, who heads the new network, says: “Whilst Covid‐19 has inevitably presented challenges, successfully moving our entire auction function to our pre‐existing online platform during lockdown is a great source of pride for our team. The fantastic results of our recent online auctions have proved we can truly offer our partner estate agents a flexible and reliable auction partnership.
“Pugh’s has been providing a reputable auction service to estate agents for years now, and by formalising the arrangements we’re aiming to provide the best service possible. With more than 40,000 investors subscribing to our auction alerts, the sales we have generated for our clients, even during lockdown, are a testament to our success.”
Pugh’s reported sales of £5m for its April property auctions, which were switched from auction rooms in Manchester and Leeds to the online platform after the introduction of social distancing regulations in March.
In 2019 it offered more than 1,000 lots for sale, generating more than £90m for clients including private individuals, charities, corporates and public sector organisations.
Thompson adds: “Due to our consistently strong performances, we are able to tailor bespoke agreements with agents that suit their business models and requirements. We recognise that estate agents have had to overcome an array of challenges during lockdown and that reaffirms our commitment to flexibility and collaboration when forming our auction partnerships: enforcing a one‐size‐fits‐all approach doesn’t work.”
Acquired in 2016 by property consultant Eddisons, Pugh’s was founded in 1992 and has grown to become the largest commercial auctioneer in the UK, selling residential and commercial properties.
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Another one joining the murky waters of high buyers' premiums to pay for estate agents to market their properties for them. Next year is going to be the one where this "modern" method of auction is hung out to dry. Complaints about malpractice are already lining up in solicitors' and compliance redress offices and it is only Covid 19 which has been delaying court action. An increasing number of complaints are already being settled out of court with agents wanting to keep their names out of the papers. It is no coincidence that the best auctioneers market clients' properties themselves.
Hi Richard, thanks for your comment. I wanted to come back to you to explain that at Pugh's we share similiar concerns to you about the Modern Method of Auction and have only ever conducted traditional, unconditional auctions.
That's really good to hear, Will. Sorry if I was appearing to paint you with the same brush!
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