Zoopla says it has so far delivered almost £80,000 in agent fees through its access to the Modern Method of Auction.
MMA allows buyers to bid on a property online with a long completion timescale - rival purchasers may have up to 30 days before the end of the bidding - giving the eventual buyer time to sort mortgage finance.
But there has been criticism of the fact that once the online hammer falls, the buyer must pay a substantial non-refundable reservation fee: this can be several thousands of pounds and can, depending on the property price, attract stamp duty.
However, Zoopla - which has linked with a MMA supplier, Iamsold - says demand for the online auction system has expanded, with the portal listing over £12m in auction stock.
Zoopla is offering an auctions bonus of a 10 per cent discount on portal fees for those agents taking advantage of the link.
“We’re already seeing success for our mutual clients and only anticipate this to grow further, as we implement our future strategy” explains Jamie Cooke, managing director of Iamsold
“A core component of the partnership is focused around our industry-first Best Practice Guide, helping to ensure consumers have a positive and consistent experience of the MMA and have transparency throughout the process.”
Andy Marshall, chief commercial officer of Zoopla, adds: “We’d like more of our customers to reap the benefits of Modern Method of Auction transactions and the opportunity to diversify their portfolio of sales, and we hope our 10 per cent discount on portal fees will encourage more of our agent partners to embed the auction model.”
Rightmove - which also works with Iamsold - has already announced that technical work is underway to allow its agents to participate in MMA.
Rightmove says that in an industry first, its customers who are already part of Iamsold’s partner network will automatically have all of their relevant Rightmove listings “enhanced” with information about MMA.