One auctioneer Iamsold, which operates the Modern Method of Auction, says it’s enjoyed its strongest January on record.
It’s seen a 26 per cent growth in online auction sales agreed for the first month of the year; 379 properties were sold raising £63.5m in capital value, up some 37 per cent year-on-year.
Total number of bids placed also rose from 2,083 in January 2020 to 3,005, an increase of 44 per cent.
iamsold has also made seven-day payments from SSTC available to its entire partner agent network as part of a new 2021 incentive programme
Managing director Jamie Cooke says: “It’s really positive to see that despite the uncertainty of another national lockdown, the category remained resilient and January transactions were all go.
“Bids were encouragingly high for the time of year and sales agreed raised a staggering amount for vendors, who will also benefit from the fixed 56-day timescale the Modern Method of Auction offers.
“We also launched our new 2021 Partner Incentive Programme which opens up the benefit of seven-day payments to all our partner agents, not just our gold partners. We wanted to extend this to our whole network as a thank you for their continued support, and as a gesture of support to our partner agents and their businesses.”
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As market conditions worsen and the number of new listings falls off a cliff, expect more vendors to be pushed down this route. Why? Well the 2.5% fee payable to the selling agent should explain it. If they are going to continue to charge a 5% reservation fee, the split really needs to favour the agent without who IAmSold would be nothing.
Modern method of auction is the next PPI scandal to be exposed. I hope there are solicitors looking into this one.
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