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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.”

https://propertyindustryeye.com/bamboo-auctions-hits-milestone-of-5000-properties-sold/

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Bamboo Auctions hits milestone of 5,000 properties sold

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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.

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.

Immediate Sale: Once the auction ends and the highest bid is accepted, the sale is legally binding (provided the seller’s confidential reserve price is met). The buyer must pay a deposit (typically 10% of the purchase price) immediately, with the remainder usually due within 20 working days.

No Cooling-Off Period: In a traditional auction, there is no room for negotiation or reconsideration after the bid is accepted. The buyer is legally obliged to complete the transaction.

Faster Process: Since there’s no conditional period, traditional auctions are ideal for sellers who want to achieve a swift sale and for buyers who are ready to act quickly.

Financing Must Be Prearranged: Buyers must ensure that they have financing in place before bidding, as the quick completion timeframe leaves little room for securing funds afterwards.

Lower Risk for Sellers: Sellers benefit from the security of knowing the sale is binding and cannot fall through due to financing or other contingencies.

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.

Conditional Sale: Unlike traditional auctions, the sale is not legally binding immediately after the auction ends. Instead, the buyer enters into an exclusivity agreement, typically giving them 20 working days to exchange. .

Longer Transaction Time: After winning the auction, the buyer typically has 20 working days to exchange and a further 20 working days to complete the purchase. This extended time frame allows for more flexibility in securing financing.

Lower Immediate Risk for Buyers: Since the sale is conditional, the buyer is not legally obliged to complete the transaction, although buyers should be aware that the reservation fee is non-refundable and payable even if the buyer withdraws from the process.. This flexibility and additional time can be particularly appealing for first-time buyers or those needing to raise finance.

More Buyers are Attracted: The added flexibility makes conditional auctions more appealing to a wider pool of buyers, including those relying on mortgages or other forms of financing.

Reservation Fee: Instead of a deposit, buyers pay a non-refundable reservation fee to secure the property during the exclusivity period. If the buyer withdraws after this, they lose the fee, but they are not liable for the full deposit as in a traditional auction.

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

Traditional: Immediate, once the timer reaches zero, provided the seller’s reserve price is met or exceeded

Conditional: Buyers must pay a reservation fee which gives them a 20 working day exclusivity period in which to exchange.

Amounts payable at the end of the auction

Traditional: A deposit of 10% of the purchase price, payable immediately, as well as any associated buyer fees

Conditional: Non-refundable reservation fee payable immediately at the end of the auction

Traditional: Typically 20 working days after the end of the auction

Conditional: Typically 20 working days to exchange and 20 working days to completion

Traditional: Should be arranged before bidding

Conditional: Can be arranged during the reservation period, but we advise having approval in principle in place

Traditional: Typically investors or cash buyers

Conditional: Broader, including those needing mortgage arrangements

Traditional auctions offer speed, certainty, and low risk but may deter buyers who need more flexibility. They’re ideal for sellers wanting a quick, guaranteed sale.

Conditional auctions open the door to a broader range of buyers including buyers who might need to raise finance. Because of this, there’s a small risk that the sale could fall through during the conditional period.

Traditional auctions require readiness. If you’re a cash buyer, these auctions offer the chance to purchase a property with speed and certainty. 

Conditional auctions are better suited for buyers who need more time, especially those requiring financing.

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

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.

0330 088 9659

hello@bambooauctions.com

Bamboo Auctions hits milestone of 5,000 properties sold

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