Rightmove’s new Modern Method of Auction service launches on Monday.
The service - which Rightmove calls Online Conditional Auctions - will involve the portal’s listings carrying information about this method of selling.
Each listing that goes down the MMA route will include information on its latest bids and the portal says this will “prompt people to contact the agent marketing the property to register their interest.”
The first provider Rightmove is working with is the most prominent provider of MMA in the UK, iamsold.
All iamsold customers will have their listings automatically on Rightmove with this feature from Monday.
Rightmove is also speaking to other MMA providers to help facilitate the functionality for more agents in the near future.
A statement from the portal claims the feature is designed “to give agents an additional route to market to offer to their existing and prospective sellers” and to help differentiate MMA listings.
Further content explaining the process will be available on the portal “to help educate buyers and sellers on the option and how the process works.”
Rightmove’s agency director Dave Anderson says: “We’re excited to start this journey to help give agents more options to offer to their vendors, and to explore how home-hunters interact with agents’ listings when they’re provided with more information about this method of buying or selling. We know that the exact process varies from provider to provider and so we’ve developed information for home-movers to help them better understand how Online Conditional Auctions work.
"We hope this could open up more routes to property transactions for agents who may not currently be using an auction provider or who do not have their own auction service.”
Iamsold managing director Jamie Cooke adds: “From market trends last year and how consumer needs have changed because of Covid we knew 2021 would be a big year for MMA.
“The volume of MMoA sales is growing rapidly as the speed, security and transparency offered is now more important than ever in the marketplace.
“Consumers will be aware of the process upfront which we hope will lead to increased awareness and understanding, resulting in more interest in auction properties, bids and sales from engaged and informed buyers.”