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.
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.”
Managing Director at Pattinson Auctions, Caroline Pattinson, said: “We’re excited to work with Rightmove and give agents an additional route to market to offer their clients. Property auctions give buyers and sellers more choice when considering the best method of selling to suit their circumstances, and have been growing in popularity. We created the concept of Conditional Auctions over twenty-five years ago, and as market conditions change we adapt our model to continue to offer the best options to our clients. This method of selling has the potential to significantly reduce fall through rates compared to private treaty sales, and ultimately opens up more routes to property transactions for agents. Working in partnership with agents across the UK we can offer the experience as being not only one of the largest auction houses but also one of the largest independent agents.”
Commercial Director at SDL Property Auctions, Louise Moss, said: “SDL Property Auctions are delighted to be launching with the new digital feature Rightmove has built to improve the customer experience and raise the profile of Online Conditional Auctions. We are confident our Estate Agent partners will see the benefit of these enhancements, and it will encourage others to look at selling and buying this way. This way of selling is all about providing security and fixed timescales and is very different to the perception people have of traditional Auctions. If agents have clients who are highly motivated to sell and would benefit from the security, a conditional sale means there is a commitment on offer as the buyer pays a non-refundable reservation fee to secure the property. We are fortunate in our business to offer both methods of sale, we understand the intricacies of selling under auction terms, and this way of selling really is growing in popularity.”
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