Article

News

thumbnail_DSC00614.jpeg

DSC00614.jpeg

Search for land lots and development opportunities

View all Properties

When placing a bid, some properties have different options: highest bid and proxy bid. What’s the difference? 

What is a proxy bid and how does It work?

Where a buyer cannot bid online at the time of the auction, we provide them with an option to place an automatic proxy bid which would be their highest bid. This allows the system to bid on their behalf up to and including this proxy bid.

Essentially a bidder is telling the system what the maximum they would go to and allowing it to place bids on their behalf up to and including that amount..

When two or more people have placed their maximum bid at the same amount, the bidder who placed the maximum amount first will have priority and they will be the highest bidder at the maximum amount. If they are outbid, they can come back and place a new bid.

If a bidder has placed a proxy bid, you will see their bid placed with their name initial followed by a star (*) at the top.

Please be aware that from the perspective of both the agent and the buyer, the highest amount placed by a bidder as a proxy will not be viewable. Our system keeps the proxy bid hidden and strictly confidential to maintain the integrity of the auction.

What is the highest bid and how does It work?

The highest bid is when the bid will be applied immediately at the exact amount specified by the bidder - we WILL NOT bid on their behalf.

The bid will become the new leading bid unless another bidder has an existing higher proxy bid. As the auction continues, every bidder will be notified by email if they are outbid.

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. 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.

large_DSC00614.jpg

medium_DSC00614.jpg

small_DSC00614.jpg

thumbnail_DSC00614.jpg

DSC00614.jpg

A quick look at Proxy & Highest bid

Understanding Bid Categories

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

Insights from Our 30-Second Interview

Partner Showcase: Bradleys Estate Agents

What is the difference?

Starting, Guide and Reserve Prices

Updated Automated Property Selection

Feature Update: Alto Integration

Partner Showcase: Fisher German

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

Partner Showcase: Howkins and Harrison

 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

Key online property auctions terms

Bamboo Auctions is providing the white-labelled online auction technology behind its new J-S Auctions offering.

Jackson-Stops partners with Bamboo Auctions

Bamboo Auctions Signs Exclusive Online Auction Partnerships with Hunters and Fisher German

Is there a good way to bid in an online auction?

Property auction bidding strategies

Bamboo Auctions and Bradleys Estate Agents Sign Exclusive Online Auction Partnership

what is a probate property?

Buying probate property

3 questions to ask yourself if you want to self-build

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.”

Have you previously sold via auction online auction before?

The platform was a perfect fit for FG Auctions, allowing us to control every sale and handle each one individually to ensure the best outcome for our client. Whilst there is a place for large mass auction days that some auctioneers favour, our service-orientated model is ideally suited to the white-label platform offered by Bamboo.

How has offering auctions powered by Bamboo helped you?

It has delivered certainty for many of our clients. In a market where Private Treaty transactions can take upwards of 4 to 5 months to exchange, (with pitfalls of related sales collapsing, funding being withdrawn and other legal problems), the online auction attracts funded cash buyers with the certainty of an exchange of contracts when the reserve has been met and the timer goes to zero.

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

Bamboo is first class – they offer excellent and regular support and are the ideal Partners for us.

Has our technology helped your business and teams?

Technology never stands still, and this is the case with Bamboo constantly upgrading the platform – the features help the teams deliver up to date data to the clients and inform advice we provide to ensure a successful result. With an 87% success rate our results tell the story.

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

Bamboo are very engaged and hands on, led from the top by Robin Rathore the inspirational founder.

If you are wondering how an online property auction works and if it could be of benefit to you, then rest assured that it is actually a fairly simple process for buyers, sellers and estate agents. 

There are multiple benefits to both buying and selling property via an online auction, but here we will mostly focus on the process itself and how online auctions work. Let’s dive into the subject of what an online property auction is, and the necessary steps involved for buyers and sellers.

An online auction is a digital version of a traditional property auction. 

Sellers, acting through their estate agents, can list their properties for sale by auction, with the entire transaction occurring online. This means they have the flexibility to transact on a specified date with a set period of time for marketing.

Properties are usually offered to buyers at an auction guide price (usually with a confidential reserve price attached, which cannot be more than 10% above the advertised guide price). After going through a verification process, buyers place their bids online. If a buyer is outbid, they get an opportunity to bid again. Bidding occurs until the timer reaches zero. With Bamboo Auctions, if a bid is placed in the final 5 minutes, the timer resets to 5 minutes to go. This will continue until there are no bids in the final 5 minutes. 

If the reserve price is met or exceeded when the timer reaches zero, a legally binding sale occurs, either with the winning bidder entering an exclusive reservation period to complete the exchange or with the winning bidder legally exchanging on the property online.

Buyers must pre-register and authenticate themselves prior to bidding on any auction to ensure they are locked into the purchase should they secure a winning bid. Once a buyer has successfully bid for a property, they are usually required to pay a buyer fee or a reservation fee. With Bamboo, this fee is set and specified by the estate agent and is made clear against each property listing and also in the bidding section of the online auction. 

How Online Property Auctions Work For Buyers

What Are The Benefits Of An Online Property Auction?

The most obvious benefit is that buyers and sellers can take part in auctions from the comfort of their own homes, or wherever they have an internet connection. It is quick and convenient thanks to bidders being pre-registered, with legal documents downloadable in advance and at any time during the auction process.

Step into the future of property sales with Bamboo Auctions. Get in touch with our team today!

0330 088 9659

hello@bambooauctions.com

Understanding Bid Categories

Previous Post

Next Post

Latest Posts

Categories

View all Properties

0330 088 9659

hello@bambooauctions.com

Follow Us

Contact us

What we do

Who we are