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At Bamboo Auctions, we are always looking for ways to make the auction process smoother, faster, and more efficient for our partners and part of this process is listening to our partners. That’s why we’re excited to continue to deliver new features such as Watchlist Ordering and Single File Legal Pack Downloads feature upgrades to your dashboard.

Due to popular demand, we have now made it possible to arrange the watchlist in two ways - By Date Added to Watchlist allowing you to see who has most recently joined the watchlist and name order. Simply click the ‘Sort’ button in the watchlist tab to switch between the options.

Another popular requested feature was to make it easier to download the legal pack. Whilst individually all documents could always be downloaded, you can now download all legal documents in a single zip file by clicking the green ‘Download Zip’ button in the ‘Legal Docs’ section of the listing.

The above two recent updates are a continuation of features and upgrades from the direct feedback of our partners. Other recent updates include:

For more information about the features above or how you can share feedback with us about what you would like to see next, please reach out to your Customer Success advisor or any member of the Bamboo team.

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Watchlist Sorting & Single File Legal Packs are Live!

Exciting New Features:

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Here at Bamboo, we have seen auctions run in several ways and with varying degrees of success. With this in mind, we have put together a ‘Best Practice’ list to ensure you’re doing everything possible to provide a strong result for your vendors.

Work with your vendor to set the reserve as low as they can. This allows the guide price to be as competitive as possible and increases the likely sale price as demand drives the price up.

Where possible, agree on a lower second ‘discretionary’ reserve to revert to during or after the auction has ended (if needed). By this what we mean is, if an auction isn’t looking promising then you can lower the reserve to this 2nd discretionary figure to increase the sale chances, as you’ve already had consent from the vendor and made a plan in advance.

Make sure the listing is clear, informative and accurate with all the required information. For further guidance, please check our listing checklist.

List the property as ‘Starting Soon’ and begin marketing even if you don’t have a legal pack. We often see watchlists grow before the pack has come in, so there is no need to wait. Do not mark the auction as ‘Live’ (open to bidding) until you have the legal pack.

Consider when to push the property onto the property portals. Publishing the property on the portals when you have the legal pack and can go live can optimise your visibility at the key early stage. Ensure your portal listing directs buyers to the auction page of your website and states what they need to do when they get there (register and enter their details) - Use our Portal Wording Template.

 Monitor who is on the watch list for your properties. You can view not just who is on the watchlist, but what stage of the bidder registration they are at. This includes whether they have passed the ID check and added card \ solicitor details which are all requirements to be able to bid.

A few days before the end, use the ‘copy emails’ function to remind the watchlist to get their account ready to bid and offer your assistance. Remember to communicate with the watchlist again to say that the bidding has begun.

 Regularly check the activity in the legal documents section in the dashboard to judge which buyers are serious. Consider contacting those buyers to gauge their interest, budgets and tackle any concerns, objections or queries they may have.

 If the portal stats, page views, watchlist and enquiries are looking thin, then speak to your vendor and look at: options such as lowering the reserve to the pre-agreed discretionary reserve and even extending the timer and market the property for a longer period.

 After the auction, contact the winning buyer to congratulate them and explain the next steps (remaining 10% deposit etc, exchange period)

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

Have you previously sold via auction online auction before? 

No, I have done in-room property, machinery, livestock and chattel auctions before though.

We deal with unusual rural property and were looking for a means of securing a commitment from buyers to minimise our risk and save our time. Accelerating the sales is also very helpful.

How has offering auctions powered by Bamboo helped you?

Giving us a flexible and quick means of selling which many of our competitors (locally) do not offer

How would you describe onboarding, support & service from Bamboo? 

Very good. Nick is always there to support us and on hand especially when auctions are ending.

Has our technology helped your business and teams? 

Yes, our problematic property issues are not entirely solved by Bamboo, but I think it gives us a good edge to push buyers to exchange contracts and get deals over the line. 

Anything else you would like to say about Bamboo Auctions? 

Supportive team, technology is easy to use. 

In my role I am responsible for listing and managing the sale of all of our auction properties. Making sure that the process runs smoothly for all parties involved and advising on the best strategy to help the vendor achieve the best outcome for their property. 

We are only focused on auction properties so this naturally tends to be primarily properties requiring refurbishment, properties which have been on the market for a sometime, more unique properties and those that are likely to attract a large amount of interest. 

What type of properties are you currently seeing the highest demand for? 

There is always a high demand for so called “project” properties, those that can be refurbished and either re-sold for a profit, or let out. We also see interest in more quirky types of properties along with parcels of land. 

Have you noticed a difference in activity since the recent interest rate drops? Along with a push to complete transactions before the new SDT rules come into play? 

This hasn’t been too prevalent when it comes to auction sales as buyers tend to buying for different reasons and see the process more as a business transaction. Although this isnt always the case and we get many buyers looking to purchase their new home. My colleagues in the sales team have noticed a slight difference in the market as a result of the changes although this seems to be levelling out now. 

What is your view on auction as a method of sale? 

I think there is a lot of misunderstanding around the concept of selling by auction. Opinions I have had are mainly along the lines of “I thought you had to have lots of money to buy at auction” or “I thought you give your house away when you sell at auction”. Selling your home by auction just provides you with a faster and more certain transaction. Having an immediate exchange of contracts provides certainty that the buyer is legally committed to purchase your property and unable to withdraw from the sale or renegotiate the price, which saves valuable time and costs for the seller. As long as you are prepared as a buyer or seller, it is an effective method of sale which is growing in propularity.

What do you think will be the biggest trend for the first half of 2025? 

It feels like we are in a more ‘normal market’ right now. Saying that, I think agents will have to put in that extra effort to secure instructions at the beginning of this year, along with managing client expectations and achieving a good price for their property. Auctions are also going to continue to grow in popularity as more individuals start to realise their potential in a market where transaction times are still taking over six months.

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