This article includes:
- Modern methods - challenging the auction status quo
- Modern Method of Auction with iamsold
- What are the benefits of MMoA through iamsold?
- Learn more
Modern methods - challenging the auction status quo
Traditional auctions have long been a popular alternative to private treaty - that is, a property sold on the open market with negotiations and offers facilitated by an agent.
Vendors are drawn to traditional auctions by quick sales and completion times. But, because of those quick completion times, they tend to only be an option for cash buyers.
But a relatively new auction model is gaining traction. ‘Modern Method of Auction’ (or MMoA) is a low-risk, low-cost way to give vendors another auction option.
MMoA takes all the good points of traditional auctions - including more committed vendors and buyers, and a lower fall-through rate - and combines them with completion timescales that are more attractive to a wider range of buyers.
We’ve teamed up with MMoA pioneer iamsold, meaning you can give your vendors an end-to-end modern auction solution.
Modern Method of Auction with iamsold
A typical modern auction takes place virtually, with all bids taking place online.
Buyers are given 56 instead of 28 days to complete on the deal post-auction – crucially, enough time for them to arrange a mortgage.
Agents earn a minimum of £2,500 per sale via iamsold (an average of 4.2% of the transaction value) and are more likely to receive their commission sooner than a private treaty sale, which can take up to 16 weeks.
Vendors are attracted to the idea of selling their property at zero cost - because at iamsold, it’s the successful bidder who pays the fee of £5,000 plus VAT.
What are the benefits of MMoA through iamsold?
There are a range of benefits:
| Feature | Benefit |
|---|---|
| Free white-labelled auction service | Expand your business offering with your own branded auction website, and no set up fees |
| A new option for vendors | Useful for properties that have not sold through private treaty, or for winning instructions from vendors with specific needs or circumstances - for example, if they need to sell quickly |
| More committed vendors and buyers | 95% of sales through iamsold complete, meaning a reduced number of transactions where you don't receive a fee |
| Faster payment options | With 7 day payment options available, you can get paid quicker |
| Comprehensive training for staff | Helps your staff develop their skills, enabling them to achieve their sales goals |
| Inclusive end to end sales progression service | iamsold handles sales through to completion, freeing up your time to focus on other business priorities |
| Online platform with all information in one place | You submit and view properties for auction, keep up to date with progress and check individual performance rewards quickly and easily. You can also access training and speak with the iamsold team |
| Agent gets 50% of buyer fee and staff incentives | Sales through iamsold attract a 1.75% fee (minimum £2,500 per sale), meaning staff are well rewarded for their efforts and motivated to drive sales |
Learn more
To learn more about iamsold and MMoA, please see our Zoopla Advantage page, or you can contact your Account Manager. Click Submit a request below and complete the contact form.