Local agents can take a share of the multi-billion pound UK property auction market

A new property platform called LetsBid has launched in the UK and says it is bucking the trend as instead of going direct to the consumers, it is supporting the UK’s estate and letting agents.

At the beginning of 2018 there are now hundreds of property auctions taking place across the UK with thousands of properties offered for sale. Many are achieving success rates of 70% and above, which make them an attractive option for those looking to sell a property fast.

There is a common myth that all the properties sold via auction are repossessions or problem properties, but this is far from the truth. Many estate agents and sellers are simply exasperated with accepting an offer for a property only for the deal to fall through simply because the buyers have changed their minds or a link within the ever growing chain has broken.

Consequently, many agents and home owners are instead instructing auctions to sell their property. Speak to almost any UK estate agent and they would likely tell you that abortive sales are one of three biggest problems they face. This is why many agents explain to their sellers that it’s sometimes not just about backing the highest bid, it’s about combining that with the right buyer. Property auctions achieve this by offering sellers speed, transparency and, as the buyers are financially committed, some certainty, according to Letdbid.

The traditional auction market has always been quite daunting for both sellers and buyers as none of them really know what to expect on the day. While it has its advantages, you really need to do your homework if you’re a buyer to ensure what you’re buying meets your requirements. If not, it can cause you a significant financial loss.

The same applies to sellers. You want to make sure you’re getting the best value for your property in the current market conditions and you want to make sure it has the right exposure and timings to make that happen.

LetsBid Property believes the modern method of auction gives buyers and sellers all this and more. LetsBid allows the agent to list the property for sale via auction through all the usual property portals, just like a traditional auction would. What’s more, LetsBid also enables agents to email their database, letting them know of the instruction.