Latest News: Bamboo Auctions launches it’s new online auction website.

January 28, 2015

bamboo auctions logo (Jan 2015)

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.

You May Also Enjoy

Breaking News

The end of the ‘Forever Home’? 63 per cent of young homeowners prioritise flexibility and renovation potential over permanence

63 per cent of younger homeowners (18-34 year olds) find the ‘forever home’ concept less important than older generations Nearly half (45 per cent) of the same group of homeowners expect to move home within the next five years, embracing a flexible ‘Right Now Home’ model 23 per cent of 18-34 year olds view their…
Read More →
Breaking News

Ignoring these simple winter property maintenance tasks could cost you big time

The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed that failing to complete some of the most common winter home maintenance tasks could cost homeowners thousands of pounds, as ignored issues turn into major repair jobs over the colder months. Springbok Properties analysed a series of essential winter…
Read More →
how to present your property for sale
Breaking News

Half of first-time buyers delaying until after the Budget

The latest research from eXp UK has revealed that almost half of first-time buyers (47%) have paused their homebuying plans until after the Autumn Budget, as uncertainty around potential tax and housing policy changes continues to weigh on buyer confidence. However, it’s not short-term tax tweaks they’re waiting for. The survey of aspiring homeowners, commissioned…
Read More →
Breaking News

Moneyfacts Average Mortgage Rate dips below 5%

The Moneyfacts Average Mortgage Rate has dropped below 5%. The latest analysis by Moneyfactscompare.co.uk reveals how the rate has changed over time.  Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: “Borrowers will no doubt be thrilled to see mortgage rates drop, particularly the millions due to come off a cheap fixed rate before the year is…
Read More →
Breaking News

Does the market even need a Budget boost?

The latest market analysis from London lettings and estate agent, Benham and Reeves, has suggests that, despite mounting speculation around what support might come for homebuyers in the forthcoming Autumn Budget, the UK property market is already showing impressive stability and resilience – raising the question of whether it even needs a policy boost at…
Read More →
Estate Agent Talk

What You Need To Consider Before Diving Into Property Investments

Are you interested in exploring property investments? This is a smart choice because it means that you can explore ways to diversify and grow your finances, even over a limited period. That said, there are lots of factors that you need to consider here to make sure that you are going to be able to…
Read More →