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 the Midlands with offices in Ashby, Atherstone, Daventry, Henley in Arden Lutterworth, Northampton, Rugby, Towcester

Have you previously sold via auction online auction before?

We wanted to start our online auction journey after COVID made in-person gatherings more difficult. We also wanted to open up the bidding to anyone from anywhere – one of our first online auction sales was purchased by a chap on holiday in Spain!

How has offering auctions powered by Bamboo helped you?

We are able to offer our auction properties to a section of the market that we previously couldn’t, this has opened up a huge pool of purchasers and is proving successful so far.

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

Great! Nick our customer success manager has been on hand every step of the way to answer any questions or queries no matter how big or small

Has our technology helped your business and teams?

Yes! The process has become more streamlined now Bamboo links with our property platform Alto. This has saved time in putting the auction properties online.

Lastly, anything else you would like to say about Bamboo Auctions? 

We hope to keep working with you and building on our online auction success!

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Insights from Our 30-Second Interview

Partner Showcase: Howkins and Harrison

Want more information?

Blogs

5 benefits of Selling Property at Auction

A deeper look at the differences and benefits of each

Traditional Auctions vs. Conditional Auctions

Bamboo Auctions hits milestone of 5,000 properties sold

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Starting, Guide and Reserve Prices

Updated Automated Property Selection

Feature Update: Alto Integration

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Online Property Auctions: How Do They Actually Work?

Offering Online Property Auctions as an Estate Agent

How Online Auction Platforms Can Help Prevent Fall Throughs

Benefits Of Online Property Auctions

Expand Your Market Reach

Different options for sourcing auction stock

Non-Standard Auction Stock

 Expert Auction Valuations at Your Fingertips

Introducing Appraisal Advice

Beyond Distressed Sales

Unlocking the Potential of Property Auctions

The Key to Winning New Vendor Leads

Celebrating Auction Success

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Just because a property goes up for auction, doesn’t make it a guaranteed sale.

What happens when a property auction ends and the reserve is not met?

If you haven’t thought about selling property via auction before, now might be the time to consider it as a serious option. In the current market, forward-thinking agents are using auctions as an alternative route to sale more frequently and here are five reasons why:

Sale by auction is a tried and tested way to sell property, backed by decades of sales history. Many estate agents in market towns across the UK come with the tagline ‘Estate Agents, Auctioneers and Valuers,’ a telling nod to the place auctions hold in the industry’s history. Despite the fact that, in more recent years, some agents have withdrawn the service from their repertoire, sale by auction is now making a comeback and it’s easy to see why. For more about how online property auctions work, see our recent blog post: 

In today’s market, which is known for its ever-increasing transaction times and lengthy delays, one of the key benefits of selling at auction is the way it speeds up the sales process. Sales at auction generally complete within 28-42 days, meaning buyers and sellers are no longer left frustrated and facing delays. With faster transaction times, agents can take their fee faster than through traditional treaty sales, meaning everyone involved has a quicker turnaround and less stress. In today’s climate, getting income in and having an injection of cash to the agency is key.

In the last six months, we have seen a steady increase in the supply of properties available to the market, with over 5,000 transactions now having sold through Bamboo’s platform. Over the last 12 months, we have seen a 50% increase in the number of properties being listed for online auction by agents. As the market in general is more robust, with strong offers from buyers on the up, it’s the perfect time for agents who have not yet introduced auctions to their service offering to start doing so. 

As well as faster transaction times, selling at auction provides more certainty over the sale, giving the seller more control over the whole process. There’s significantly less chance of a sale falling through after auction, which is often the case with a private treaty sale, if the buyer decides to change their mind or back out. Selling at auction means you’re dealing with multiple buyers, rather than just one, giving everyone the chance to bid. The auction process ensures there are set deadlines in place to make sure the transaction completes. Buyers using the Bamboo platform have completed their ID checks and already input their payment details prior to the auction starting, showing just how committed they are to the bidding process. As a result, when the auction closes, the winning buyer is instantly charged and the property can exchange online, with a legally binding commitment to complete within an agreed timeframe.

With the new Labour government, the market is now entering a period of greater economic certainty and we are seeing green shoots appearing as things start to rebalance. Our statistics reinforce this. We’ve seen growth year on year in the number of properties being listed for online auction by agents. In addition, the average price reduction required to sell has also reduced to just 9.5% of the original reserve price, as compared to almost 20% in May 2024. These figures highlight the fact that pricing is hardening and becoming more aligned with buyer expectations. 

More and more agents are now using auctions as an alternative route to sale and embracing Bamboo’s technology and expertise to manage the transaction. The platform provides the tools the agent needs to complete the auction, and Bamboo’s team of experts are on hand to help guide estate agents through the process.

The use of auctions, particularly online auctions, is gaining in popularity and providing both agents and vendors with a seamless way to navigate property transactions. To read more about how the auction process works, take a look at our recent article featured in The Negotiator. 

If you’re an estate agent ready to discover the power of online auctions, get in touch today to speak with one of our team of experts, we’d love to hear from you!

Auctions have long been a popular way to determine value through competition in buying and selling. Two primary types of auctions often come up in the property or high-value asset world: traditional and conditional. While they share similarities, their structure, process, and legal implications can vary greatly. 

In this article, we will explore the key differences between traditional auctions and conditional auctions to help potential buyers and sellers understand which might suit their needs best.

Traditional auctions, also known as unconditional auctions, follow a straightforward process that has been used for centuries. The sale is immediate and final, with binding legal implications the moment the hammer falls.

Example: A traditional auction might be the right choice for sellers looking to sell a property quickly and for buyers who are ready to move fast, such as investors or developers.

Conditional auctions, sometimes referred to as modern auctions, offer more flexibility for buyers and whilst it commits the buyer to pay a reservation fee and adhere to the conditions of the reservation contract, it does not fully oblige the buyer and seller to purchase the property. The advantage of this is that it allows the buyer more time to raise finances should they need to purchase the property, but the disadvantage is that the sale is not legally binding. If you are a seller of an unmortgageable property or you need a fast and certain transaction, then the traditional online auction is the way to go.

Example: Conditional auctions are an attractive option for buyers who need time to arrange a mortgage or complete legal checks, while sellers benefit from the certainty that they can move forward with the highest bidder, but with slightly less pressure than a traditional auction.

3. Comparing Traditional and Conditional Auctions

Amounts payable at the end of the auction

Both traditional and conditional auctions have their merits.. Traditional auctions provide immediate certainty and speed, while conditional auctions offer flexibility and open the market to a wider array of buyers. Understanding the distinctions between these two auction types can help ensure that both parties are well-positioned for a successful transaction, tailored to their individual needs.

Are you an estate agent ready to revolutionise your property sales? Discover the power of online auctions with Bamboo Auctions and

With a high number of estate agents adding auctions to their list of services, Bamboo Auctions has reached a new milestone of 5,000 online auction sales, raising just under £1bn in total property transactions.

Launched in 2016, Bamboo now has more than 1,100 estate agency partners and has sold over 5,150 properties through its online auction platform to date with a total value of £904m.

With more estate agency partners than ever before Bamboo Auctions says that it is on track to have its best year yet having already reached 839 sales in 2024 with an average sold price of £184,251.

Bamboo Auctions provides estate agents with the technology to enable them to offer their own online auction service, adding this to their existing offering and giving vendors another option when it comes to marketing and selling their property.

Through the platform, agents can list, control, and manage their listings using Bamboo’s technology, whilst keeping control over the sales progression, buyer and seller relationships and cross-selling opportunities.

Robin Rathore, CEO, Bamboo Auctions, said: “Bamboo was built to help agents sell more properties, with an ambition to make online property auctions more accessible for both estate agents and their customers, wherever they are. We continue to invest heavily in technology and innovative solutions that help agents sell more properties while supporting our agents with the highest levels of consultative customer service.

“We’ve seen a significant uptake in the demand for our platform as agents seek to take back control of their own auction service. Using online auction, estate agents earn more of their revenue, faster, which in the current market helps to ensure positive cash flow. Bamboo provides all agent partners with training on how to use the platform, along with advice and knowledge around how to spot the right properties for auction, when to suggest it, and how to ensure the vendor gets the best outcome.

“Reaching the 5,000 sales milestone is hugely significant for the Bamboo team and further cements our place in the market. I’m grateful to our agent customers for putting their trust in our technology and service and look forward to building on our successes together as we head towards another record-breaking year for Bamboo.”

When looking for suitable auction properties and vendors, the starting point is always chain-free properties. The most typical auction properties often include: 

When considering auction stock and opportunities, it is important to think about less common sources for auctions. We have partners who have developed different relationships with various partners resulting in securing both one-off and ongoing auction properties. 

Below I have set out some target organisations with which you could partner with to supplement your normal auction properties:

Since the EPC reform these properties must be kept to ‘C’ or better 

Rather than invest in upgrading properties that fall short, many are now being sold

Sale by auction provides a quick, secure, open and transparent sales process. 

Larger developers offer part exchange to buyers to sell their new stock

They also have accounting deadlines to hit so push to complete these

Offer the auction route to sell these properties quickly and securely. 

Have ‘non-operational assets’ i.e. land, staff housing, unused structure

These are sitting as liabilities on their balance sheet 

Offer the auction route to offload these properties quickly and securely. 

Charities have a range of stock such as old offices and unused assets 

These must be transparently sold and quickly with a fair unbiased process

Auctions offer a fair, unbiased, transparent, quick and secure method of sale. 

Executors often want a quick sale, at the best price with security. 

Build relationships with local solicitors so they understand the benefits

Auctions provide quick and secure sales for the best price. 

Agents in your area could benefit from the auction route on some of their stock

Reach out to these agents and offer to be their auctioneer and arrange a fee-split

We have customers that deliver this service as their sole source of income and bring stock in from other agents far and wide

As well as looking for auction stock when reviewing your weekly market appraisals you can check your existing pipeline for stock.

Is there anything chain-free that hasn’t sold?

The vendor will likely be keen to sell ASAP as their property is unsold and has been stagnant.

Auction can expedite these sales and they also won't fall through once sold.

Not every sale needs multiple buyers (although this is ideal!)

If both vendor and buyer agree on a price then you can run a private auction

This speeds the sale and removes the chance of it falling through

If you need help or advice with the above, please get in touch!

Introducing Appraisal Advice: Expert Auction Valuations at Your Fingertips

We are excited to unveil our latest feature for our partner agents: Appraisal Advice. This innovative tool allows our partner agents to easily obtain professional auction pricing appraisals from our in-house qualified auctioneers. Ideal if you are at the market appraisal or listing stage and could benefit from any extra auction advice. Our Appraisal Advice streamlines the process, ensuring you receive accurate and timely pricing advice.

Appraisal Advice is a new feature designed to simplify the appraisal process for our partner agents. With just a click of a button, agents can request a professional auction appraisal directly from their dashboard or within a draft property listing. Our in-house qualified auctioneers will review the information provided and deliver a detailed auction appraisal, helping you make informed decisions and set realistic expectations for your clients.

Using Appraisal Advice is straightforward and user-friendly. Here's how you can leverage this powerful feature:

This new feature can be accessed from the sidebar or within a draft listing. 

From the Dashboard Sidebar - Log in to your Bamboo Auctions dashboard 

 and locate the 'Appraisal Advice' button on the sidebar of your dashboard. 

Within a Draft Listing - While creating or editing a property listing, you'll find the 'Appraisal Advice' button integrated within the ‘Pricing’ section.

Click the Appraisal Advice button and fill in the required information about the property. This may include details such as the property’s location, size, condition, and any previous marketing history.

Once you’ve completed the form, your information will be securely sent to our team of in-house qualified auctioneers for review.

Our auctioneer will analyse the details provided and deliver a detailed and up-to-date auction appraisal for the property. 

Expert Insights: Gain access to professional advice from our experienced in-house auctioneers, providing you with reliable and accurate market insights.

Efficiency: Save time and streamline your workflow by requesting appraisals directly from your dashboard or within a draft listing.

Convenience: The seamless integration of Appraisal Advice into our platform means you can quickly submit from within your dashboard.

Informed Decisions: Make well-informed decisions about property pricing and auction strategies, enhancing your ability to serve your clients effectively.

Ready to take advantage of the benefits of Appraisal Advice? Log in to your Bamboo Auctions dashboard and try out this new feature today. 

At Bamboo Auctions, we are committed to empowering our partner agents with the tools and resources they need to succeed in the competitive property market. The introduction of Appraisal Advice is a testament to our dedication to innovation and excellence. By providing quick and easy access to professional auction valuations, we aim to support you in achieving the best possible outcomes for your clients.

Join us now and discover how our platform can revolutionise your property transactions.

For any questions or assistance, our support team is always here to help. Contact us at hello@bambooauctions.com.

Thank you for choosing Bamboo Auctions. Stay tuned for more updates and features designed to enhance your property auction experience. Happy listing!

Follow us on social media for the latest news, updates, and insights from the Bamboo Auctions team.

0330 088 9659

hello@bambooauctions.com

Partner Showcase: Howkins and Harrison

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