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Starting, Guide and Reserve prices... What is the difference?

When listing at auction you will need to understand three separate prices: a Starting price, a Guide price and a Reserve price. Below, we are going to look at the difference.

The Reserve Price is a confidential figure between the agent auctioneer, the vendor and Bamboo. It is the minimum price that the seller is willing to accept for the property. All bidding will need to either meet or exceed this ‘reserve’ before a sale can happen - providing your vendor with a financial safety net. The reserve cannot be more than 10% above the guide price.

The Guide Price is effectively the marketing or advertising price. Informally it is a guide on where the seller's reserve price might be. The seller's reserve price might be the same or lower than the guide price, so it is important not to assume that the guide price is exclusively tied to the reserve price.

The Starting price is the price that the auction bidding will commence at and the first bid that bidders are able to place online.

Properties at auction are priced to sell in a transparent, fair and competitive process. This means that pricing is designed to encourage buyers into the market to compete for the property by placing higher and higher bids. The aim is to achieve the best possible price for the vendor \ property in the shortest amount of time.

If you require a second opinion on how to price a property at auction we have added a new feature in our dashboard called ‘Appraisal Advice’ which is designed to simplify the appraisal process for our partner agents. 

With just a click of a button, you can request a professional auction appraisal directly from our in-house auctioneers from within the dashboard. 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. 

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.

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What is the difference?

Starting, Guide and Reserve Prices

Want more information?

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Following the recent interest rate reduction from the Bank of England, our CEO Robin Rathore says that the drop mitigates some of the impact caused by the increased stamp duty rates announced in the Budget:

“We’re seeing a lot more activity in the market than we were 12 months ago. Today’s reduction should accelerate this even further and bring continued confidence and stability.

“While the base rate reduction is an incremental move, and there is still a way to go, it takes the pressure off aspiring buyers and mitigates some of the impact of increased stamp duty rates announced in the recent Budget. 

“With inflation remaining steady, it’s likely that we will start to see further incremental drops over the next six months.”

In the past 12 months to July 2024, Bamboo Auctions has seen a 30% increase in the number of properties being listed by its agent partners for sale by online auction.

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’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 auctions, estate agents earn more of their revenue, faster, which in the current market helps to ensure positive cash flow. 

Nest is an independent, family-owned business. I, Sara, am proud to work alongside some of the finest professionals in our industry. Our dedication lies not only in excelling at what we do but in prioritising the best interests of our clients. Our office is located in the village of Blaby, and we primarily serve the southern Leicester villages. We strive to provide the best customer service while maintaining honesty and transparency.

Have you previously sold via auction online auction before?

Yes, before collaborating with Bamboo / Rocket, we worked alongside another supplier as our online auction provider.

Our decision to join Rocket Auctions was greatly influenced by my long-standing relationship with Matt. Having worked with him for many years, I trust him and his strong work ethic.

How has offering auctions powered by Bamboo helped you?

Partnering with Bamboo/Rocket has allowed us to offer our clients a modern method to sell their properties using online auctions, which also supports a quicker sales process.

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

The service I receive from Matt is outstanding. His communication is excellent, and I consistently receive positive feedback from clients regarding his assistance.

Whilst some agents (or even branches \ divisions within an agency) may be suited to our self-managed auction technology, we find some still prefer to 'out-source' all auction leads. For this reason Bamboo now have a dedicated team and brand -  

 which can manage the entire auction process for you and your vendor whilst still giving you complete control over marketing and viewings - making sure you still remain in control of the process and your vendor.

The South West with 30 offices covering Somerset, Devon and Cornwall offering the Complete Property Service – offering the best moving-related services under one roof. From Sales, Lettings, Mortgages, New Homes, Conveyancing, and of course Auctions.

Our auction service has varied over the years, starting with the more traditional in-room auctions selling everything from property and land to more peculiar water storage tanks and pumping stations! This service evolved with the technology to the online format with another provider initially, then to Bamboo.

Bamboo has helped Bradleys auction service by supporting our desire to manage the process with our clients, something that supports our motto of People Serving people. The platform provides the transparency we believe is important and the technology to perform at speed, and accurately and ensure the process concludes successfully.

The onboarding process was very simple and following the short training sessions, enabled our teams to take it forward immediately. It naturally helped due to us offering the service before, so it was a change of platform essentially, although the support team and ability to contact someone at Bamboo should a situation not be clear, or some support required has been invaluable.

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

The appeal of Bamboo was not only the people that run the business being very open and easy to connect with, but also backing up everything they said they would do. The platform and offering continues to evolve and that is also important to continue to grow our success of selling via the modern method of auction.

What is the new Alto updated Property Selection in the Bamboo Dashboard?

We have been busy updating our Bamboo Auctions integration with Alto and are making our agents’ lives easier by helping them identify suitable properties for auction. We are constantly improving our technology and for this reason, we have recently updated the new Alto automated property selection scoring system. 

The new Alto scoring system evaluates properties based on the presence of specific keywords within Alto for each property, assigning them different scores ranging from "Hot Property" to "Average." If your property is labelled as a "Hot Property," consider discussing with your seller the option of listing it for auction and both you and your vendor can benefit from a more secure, certain and speedier sale!

We have also added a new info button to Alto Properties that displays a preview of the property details when clicked. In addition to displaying the data used to score the properties, the preview also highlights some of the keywords we look for in the scoring process.

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. Introducing this new streamlined way of self-managing fees is a testament to our dedication to innovation and excellence. By providing you quick and easy access to amend fees on an individual listing basis, we aim to support you in achieving the best possible outcomes for your clients.

0330 088 9659

hello@bambooauctions.com

Starting, Guide and Reserve Prices

Starting, Guide and Reserve prices... What is the difference?

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