Rightmove expands Online Conditional Auction feature with four new providers
Rightmove today announces that four new Online Conditional Auction providers have signed up to use its industry-first digital feature for agents.
SDL Property Auctions, Pattinson Auctions, GOTO Group and Bamboo Auctions join existing provider iamsold in enhancing agents’ listings on Rightmove with the innovative feature.
The digital feature enhances listings with more information about this method of selling, to help home-movers better understand it when looking for their next home.
Agents who are already customers of these Online Conditional Auction providers will automatically have the information added to their relevant listings.
An Online Conditional Auction, also known as the Modern Method of Auction, is a process of buying and selling property that allows a longer timescale for exchange and completion than at a Traditional Auction, opening it up to more home-movers. Most of the legal and conveyancing documentation is prepared prior to the auction going live, and buyers can expect to pay a non-refundable Reservation Fee of about 5% of the purchase price.
Agents can choose to partner with an Online Conditional provider and offer this additional route of selling to prospective vendors if its suits their circumstances. If an agent signs up to one of these five providers they will have their listings enhanced on Rightmove.
Originally going live in April with iamsold, listings contain near real-time information about a property’s latest bids, alongside more information on how Online Conditional Auctions work, and a prompt for people to contact the agent marketing the property to register their interest.
SDL listings are now live with the innovative digital feature, with Pattinson and GOTO listings to follow in October. Bamboo customers will have their listings automatically updated with more information about Online Conditional Auctions in the coming months.
The onboarding of four new providers is set to significantly extend the visibility of this digital feature and will be supported by further educational content on the Rightmove platform for both buyers and sellers.
Rightmove’s Agency Director, Dave Anderson, said: “We’re really pleased to add four new Online Conditional Auction providers to Rightmove, to increase the number of agents who will have their listings enhanced and to offer more choice to agents interested in partnering with a provider. We hope this could open up more routes to property transactions for agents who may not currently be using an auction provider or who do not have their own auction service.”
About Online Conditional Auction
- An Online Conditional Auction provider allows their agent customers to sell properties through the Online Conditional Auction method, giving vendors an additional route to sell
- Online Conditional Auction, also known as Modern Method of Auction, is a method of selling whereby the highest bid above the reserve price wins the property
- In an Online Conditional Auction, a longer timescale is allowed for the exchange and completion of contracts than is allocated to purchases made at a Traditional Auction (completions must take place within 56 days usually)
- Reservation fees are put in place and paid for by the buyer to provide more security and commitment to the sale
- The Online Conditional Auction feature on Rightmove highlights listings that are being sold using this method, supporting agents in educating and differentiating this way of selling for buyers
- Read more about this method of selling here: https://www.rightmove.co.uk/advice/buyer/buying-a-property/online-conditional-auction/