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Auction property market benefitting from new online approach

24 May 2018 11758 Views
Auction property market benefitting from new online approach

In an era when we are never far away from our phones, tablets or laptops, buying and selling property is benefitting from moving away from the traditional approach to using online technology.

Many people are now using online agents and hybrid agents with the latest model taking the auctioneering process online using technology that is available to everyone.

For sellers it means that their property is available online to buyers not just in the UK but to bidders from across the world. According to Milton Rodosthenous, founder of Lets Bid, vendors are attracted by the prospect of a wider pool of buyers than is possible through the traditional auction process. He describes it as a bit like Ebay for the property industry.

‘Buying at an auction sale can be daunting with lots of bidders in one room in an atmosphere that might seem intimidating to a newcomer. But online auctions not only give buyers the chance to browse whenever and wherever they want, but also benefit from traditional sales techniques combined with the best technology,’ he explained.

Online auctions are already proving to be popular in other countries such as Ireland. With Lets Bid, the properties for sale are clearly displayed. Agents can set a guide and reserve price. A credit referencing service has linked with Lets Bid to allow potential bidders to be pre-referenced before making bids.

‘Lots of PropTech seems intent on taking business away from traditional agents but we believe they still have the biggest part to play in property so we’re backing them, which is why vetted agents are the only ones who can upload property to Lets Bid,’ Rodosthenous explained.

‘The future is online for vendors and agents. Buyers and sellers have a confidence in the use of new technology, they appreciate the ease of being able to access the information they need wherever they are. It also gives estate agents more options at a time when competition is tough,’ he added.

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