iamsold and Zoopla have come together in partnership to give agents an opportunity to grow their business, with little risk and high return, via a Modern Method of Auction (MMoA) offering, built by iamsold.
This article includes:
- Who are iamsold?
- What is MMoA?
- How do I benefit from this partnership?
- Why offer auction?
- How do I sign up?
iamsold are the UK's largest residential auction provider and number 1 for online auction with 60% market share.
iamsold pioneered Modern Method of Auction, which has created a more accessible auction proposition which appeals to more buyers and benefits vendors more than auction historically did. They specialise in online auction which provides visibility to buyers and vendors 24/7, making the whole process transparent and convenient for today's busy consumers. They can offer an end-to-end service (through sister company; Medway Law), this providers buyers and you with the speed, security and transparency to complete property sales smoothly.
There are 2 types of auction, the Modern Method and the Traditional Method. Both methods of auction offer improved speed, with a fixed timescale and improved security when compared with Private Treaty. Auction gives parties transparency as all bids are visible, unlike Private Treaty where negotiations take place privately.
|Modern Method of Auction (MMoA)||Traditional Method of Auction|
|(Also know as Conditional)||(Also known and Unconditional)|
|56 days to complete from the point of the draft contract being received by the buyer's solicitors||Exchange of contracts takes place as soon as the auction ends, with completion taking place within 28 days from the date|
|More secure and quicker method of sales vs. private treat, but not as quick as Traditional Method of Auction||
Most secure and fastest method of sale, but does tend to limit interest, e.g. cash only buyers who can complete within 28 day timescale
|The buyer pays a non-refundable Reservation Fee or Reservation Deposit to secure the property (iamsold 4.2 min% of £6,000), and must completed within 56 days||The buyer is required to make payment of a 10% deposit at the point of exchange, e.g. as soon as the auction ends and must complete the purchase within a 28-day period - create improved commitment|
This partnership enables you to offer choice to your clients and in turn, help you win more instructions. It adds value to your Zoopla membership as it offers more revenue generating service opportunities.
Private treaty can present challenges as it's slow, with high-levels of fall-through.
Auction can be an effective solution to some of these challenges as it offers an alternative to private treaty, more committed vendors and buyers and quicker completions. There is a reduced risk of fall-throughs with auctions as well as a broader pool of vendors and buyers can you can present lower fee options for your vendors.
Find out more on our Zoopla Advantage page. To sign up, you can contact your Account Manager. Click Submit a request below and complete the contact form.