As we look forward to the next billion, growing and developing our technology to support our purpose of ‘helping our agents sell more properties’, it’s important that we take a moment to reflect on this milestone and the key takeaways so that we can continue our mission.

Types of Property

Breaking down this incredible number is the type of lots that our partner agents have sold. From your classic land, do-uppers and commercial units to the unique and wonderful water towers, Penthouse Apartments and modern family residences, you name it, it’s probably been sold on Bamboo!

Buyer & Seller Perspective

Throughout this milestone, we have noticed the changing perception of online auctions. From a buyer's perspective, the ability to bid or buy something online is second nature, the convenience, speed and transparency playing an important role in this. The flexibility in timeframes, mortgage products and additional financing also helps those who may not have been able to enter an auction before.

The vendor's perception has also changed. Yes, we are all aware of your ‘classic auction listings’; however, online auctions have enabled agents to offer a service to vendors who have not considered auctions before.

Speedier Transactions

With average transaction times taking over six months (8 ½ months for listings over £1.5 million!), speed is one of the key decisions for vendors looking to sell via auction. With online auction transaction times taking around six weeks, vendors that need to sell quickly have a solution with buyers also enjoying the benefits of this.

Certainty

A further addition to the change in perception is the certainty that online auctions bring. 1 in 3 of all property sales fall through before reaching completion. Bamboo brings this down to under 1%, helping bring peace of mind for vendors once a sale has been agreed.

Pricing

Finally, maximise pricing. Auctions are not for everyone, however vendors who are realistic with their reserve prices, create high interest, generating competitive bidding which leads to great prices being achieved. This in turn allows a vendor to enjoy the auction benefits highlighted above.

Vendor Situation

Now a variety of different vendors are selling via auction every day due to the high-quality advice and service being given by our partners who are not just focusing on the property, but the individual seller's needs and situation, spotting when Online Auctions are suitable for their clients.

So, as we celebrate this milestone together, we can’t wait to help support our agents in selling the next billion and enabling suitable vendors to sell via Online Auction.

For more information, help and advice, please reach out to your Customer Success advisor or any member of the Bamboo team.