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.
Auctions can be an effective way to overcome some of the challenges that you would face securing a traditional sale; you will experience more committed vendors and buyers owing to upfront fees, and therefore a more swift journey to completion.
Auctions reduce the risk of a fall-through and allows you as the agent to present an option to market a property with a lower fee proposal.
When listing your properties via a Modern Method of Auction (MMoA) offering, it's imperative that you ensure the listing showcases the fees that are due and the type of auction that it is. Listings without this information may be reported to Trading Standards.
Best practice would be to list the property as a ‘Guide Price’ and within the key features to list the reservation fee that is payable (4.2% inc. VAT or a minimum of £6000)
Summary of fees and requirements:
- Non-refundable reservation fee of 4.2% inc. VAT (minimum £6000) paid on agreement of sale
- 56 days to exchange and complete
- Auction (legal) pack required
- No sales fees to pay
- Open to traditional residential buyers and vendors
- Anyone can buy through auction