INDUSTRY INTERVIEW: Robin Rathore of Bamboo Auctions.
Where did the idea spring from?
The idea for Bamboo Auctions (www.bambooauctions.com) came about after trying to buy a house. We put an offer in and had to wait 6 months to exchange because of various delays in the interim. To top it all, just before exchange, the price had to be renegotiated.
There had to be a better way to buy a property so I started exploring the idea of using auctions as a way to streamline the property transaction process. However, after attending the live room auctions, I found them to be infrequent, inaccessible and intimidating.
Tgether with Chris Brown, the past president of both the National Association of Estate Agents and the National Association of Valuers and Auctioneers, we created Bamboo Auctions.
At the heart of our business is the belief that whether you are buying or selling a property, the process should be exciting, simple and certain.
Bamboo Auctions achieves this.
Tell everyone, why did you choose the name Bamboo – I’m sure there is a good reason!?
Bamboo is a strong and reliable building material. It’s traditional and it grows quickly. It perfectly symbolises our brand and what we want to achieve as a business.
It also helps that like other effective company names it has two syllables (e.g. Google, Facebook, Uber), which makes it memorable!
What stands you out compared to other property auctions companies out there?
Unlike other online property auctions, with Bamboo Auctions, exchange occurs immediately at the end of the auction period. We work with a centralised team of auction lawyers to ensure that everything occurs smoothly.
We also do not charge a buyer premium. We believe that a buyer should not have to “pay to buy” and buyer premiums or reservation fees are completely unfair.
Have Estate Agents / Consumers embraced your concept already?
We’ve had a great response to our business so far from estate agents. We’re giving agents the ability to diversify their existing business as well as be able to earn their commission faster.
In the one month since we launched, we’ve had 25 estate agents sign up with us, and we’ve registered around 300 interested buyers.
Why should someone choose you over someone else offering a similar service?
We only accept listings from estate agents. Exchange occurs immediately at the end of the auction period so agents can earn their commission faster.
We provide greater certainty to buyers and sellers, and have increased accessibility to the auction method of sale. Estate agents can use Bamboo Auctions as a value added service to attract additional vendor-clients.
We work with and are backed by auction lawyers, who can provide legal packs centrally, saving both costs and time for all involved.
Our buyers are pre-approved. We carry out all identity and anti-money laundering checks and we have a legal structure in place to ensure that completion occurs smoothly. Our lawyers are also available to assist all parties in getting the transaction to completion.
Auctions are not just for toxic or distressed properties. Auctions are also perfect for new builds and developments. Developers can set a reserve and exchange only occurs if that reserve is met, so they know that they’ll get a minimum price for the property.
Can you tell me a bit about yourself/your team?
I’m a qualified corporate lawyer. I practised in London for almost 2 years, specialising in mergers and acquisitions and private equity work in the TMT and corporate real estate (hotels and leisure) sectors.
I’ve always been interested in property and have helped grow and manage a small property portfolio. I also previously started 2 other businesses, one of which was in the property auction sector.
More importantly is the Bamboo Auctions team as a whole. Chris Brown is a highly skilled and respected figure in the property and estate agency world. Our CTO, Chris Westcott is a complete genius. He has over 15 years experience as a software developer, having also previously worked at BAE Systems as well as delivering other large scale corporate-style projects.
What are your thoughts towards the Estate Agent Networking concept?
I started following the Estate Agent Networking group on LinkedIn and since the launch of its new website, we’ve found it to be a really useful tool to keep up to date with what’s happening in the property world. The website is a strong platform for property companies to voice opinions and promote services and the social media leader boards are a great way to measure activity against competitors.
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