Online Conditional Auction digital feature on Rightmove
Our Online Conditional Auction digital feature allows agents to highlight listings that are being sold under Online Conditional Auction (also known as Modern Method of Auction). It differentiates listings in the search results and contains near realtime information about a property's latest bids.
We work with 5 Online Conditional Auction providers to deliver this feature, Pattinsons, SDL Property Auctions, GOTO Group, Bamboo Auctions & iamsold. Agents who are using our existing providers will automatically have their relevant listings updated with the new feature. We're supporting this activity with content about Online Conditional Auctions published across Rightmove sites and digital channels to help educate buyers.
Why use Online Conditional Auction?
✓ Get paid faster with a quicker sale
✓ Reduce the risk of fall-through
✓ Use as an alternative selling option for vendors who require a quick sale and as a back-up for properties that have not sold through private treaty
✓ Fees are normally paid by the buyer, so no added costs for your vendor other than the provision of an auction pack
How are Online Conditional Auction listings different?
1. Online Conditional Auction properties are highlighted in the search results
2. Listings show realtime information about a property's latest bids
3. Listings show information explaining how Online Conditional Auctions work
Online Conditional Auction providers
We work with a variety of providers to suit your needs.
SDL Property Auctions
Status: Integration live on Rightmove
SDL Property Auctions have decades of experience building their property expertise and technology. They offer agents the ability to white-label their own property bidding solution.
Benefits:
- Offer sellers the option of paying no fees at all — with the buyer’s reservation fee covering your estate agency fees when the bidding finishes
- Receive your fee within 7 days of the sale being agreed
- Less than 1% sales fall through
Want to learn more from SDL Property Auctions?
Pattinsons Auctions
Status: Integration live on Rightmove
Pattinsons Auctions built their agent model in 2009 to provide more routes to property transactions for estate agents across the country, whilst also making auction more accessible to sellers.
Benefits:
- Less than 1% sales fall through (compared to 30% of private treaty sales)
- Offer vendors different types of auction products: live stream and live in-room auctions
Want to learn more from Pattinsons?
GOTO Group
Status: Integration live on Rightmove
GOTO Group's home moving platform enables agents to list their vendors property at auction via Rightmove and their own website, providing choice to the consumer, and adding value for the agent.
Benefits:
- Legal pack created upfront at no cost to the seller
- Tailor the buyer’s premium and control what you earn
- Aim to exchange and complete within 56 days
- Additional staff incentives & rewards club
Want to learn more from GOTO Group?
Bamboo Auctions
Status: Integration live on Rightmove
Bamboo Auctions provides online auction technology to estate agents and auction houses, giving them the power to sell properties online with an immediate and legally binding contract, all with their own branding, through Rightmove and their own websites.
Benefits:
- Agents keep control of their own vendor relationships, control and set their own buyer fees, manage their own sales progressions and keep all their services under their own brand.
- Buyer pays a reservation fee, which can be set by the agent and not prescribed by Bamboo, to secure the purchase
- Aim to exchange and complete within 40 days
Want to learn more from Bamboo Auctions?
iamsold and the Modern Method of Auction
Status: Integration live on Rightmove
iamsold have coined the term 'Modern Method of Auction', a type of Online Conditional Auction which is designed to suit vendors who need to sell quickly, with a broader appeal to buyers than traditional auction.
Benefits:
- Buyer pays the reservation fee agreed by the agent to secure the purchase, this is typically of 4.5% inc. VAT and typically subject to a minimum of £6,600
- Aim to exchange and complete within 56 days
Want to learn more from iamsold?
