Estate agents using Bamboo Auctions’ online property auction have reached the milestone of over £1bn worth of total property sales sold through its online auction platform.
More than 1,200 estate agent branches have access to Bamboo’s technology and network, selling more than 5,600 properties through its innovative technology platform, the company has announced.
As well as an increase in sales, Bamboo says its platform has attracted nearly 100,000 users to date with the most popular buyer demographic being those aged between 40-59 years old, amounting to 50% of the buyer base.
Bamboo provides estate agents with technology that enables them to offer and control their own online auction service. Through the platform, agents can manage their listings whilst keeping control over the sales progression, buyer and seller relationships and cross selling opportunities.
Through Bamboo’s platform, potential buyers can search, download the legal packs, conduct compliance checks and place bids online. Contracts are normally exchanged between the successful bidder and vendor as soon as the auction comes to an end, provided the reserve price has been met with completion within five-six weeks.
Robin Rathore, CEO, Bamboo Auctions, said: “At the heart of everything we do at Bamboo is a desire to help agents sell more properties. We’re incredibly proud of this milestone and grateful for all the support and trust that our partners have put in us to enable us to reach this point. To sell £1bn worth of property is no mean feat and it’s also a real testament to the hard work that the team at Bamboo have put in to achieving this.
“Almost weekly, we read about the struggles that estate agents face; longer transaction times, increasing supplier fees and pressure to compete on commissions. It’s not right that agents face these challenges, whilst at the same time often being the piñata of the property industry. Bamboo is a real supporter of estate agents – from day one, we have aligned our revenue model with that of the agent – we make our money when agents make their money. Our tech is built from agent feedback and we’re here to go above and beyond with everything we do.
“In the current property market online auctions are offering both agent and vendor a viable way to sell properties with more speed, certainty and transparency and we continue to see a growing demand from agents who are realising the benefits this can offer in enabling them to stay competitive in the market.”
