Latest News: Bamboo Auctions launches it’s new online auction website.
After several months of preparation, online property auction website, Bamboo Auctions has launched this Tuesday.
The business is led by corporate lawyer, Robin Rathore and Chris Brown (the past president of both NAVA and the NAEA) and is launching as part of the PiLabs Incubation Program (backed by Cushman and Wakefield and Spire Ventures).
Acting through their estate agent, sellers can set a reserve price and choose the length of the auction period for each property listed on the website. Buyers are pre-approved (for identity and anti-money laundering purposes) and can search, download legal documents, arrange site viewings and place bids on properties. Bamboo Auctions works with a team of auction lawyers so legal packs can be provided centrally – saving costs and time for the seller.
Exchange occurs immediately at the end of the auction period, meaning estate agents earn their commission faster and the risks of gazumping and gazundering are eliminated. What’s more, estate agents can enjoy the benefits of diversified business services as well as joint marketing of properties.
“It’s currently a very exciting time for the property sector”, said CEO, Robin Rathore. We’re part of a wave of emerging property-tech businesses. A lot of them are either looking to bypass estate agents or are going into direct competition with estate agents. We’re different. We want to work with estate agents; we want to see properties exchange, so our interests are completely aligned.”
Bamboo Auctions will launch online with placeholder properties. Several estate agencies across England and Wales have already registered to list properties, with the promise of more to come in the near future.
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