Rightmove to launch conditional auction feature

The UK’s biggest home listings website is set to launch a new conditional auction feature on Monday (19 April), which will show the latest bids in real time. Through an initial tie-up with online auction provider iamsold, Rightmove will begin to include information on a property’s listing about online conditional auctions, also known as the modern method of auction. Home-movers will be able to see the latest bids and will be prompted to contact the agent marketing the property to register their interest. Iamsold, which has a partnership network of more than 3,000 estate agency branches, is the first provider Rightmove is working with. The listings website is also speaking to other online conditional auction providers to help facilitate the functionality for more agents in the near future. Rightmove said the feature is designed to give agents an additional route to market to offer to their existing and prospective sellers, and to help differentiate online conditional auction listings. MMoA allows would-be buyers to place bids on a property within a set timescale, at the end of which the highest bidder must pay a reservation fee to secure the property. Timescales for exchange and completion must then be met. The method is often seen as more accessible to homebuyers than unconditional auctions as it allows time to arrange a mortgage before completion. However, the method has also attracted controversy over an alleged lack of transparency around reservation fees. Rightmove said its new digital feature would help educate buyers and sellers on the option and how the process works. Rightmove agency director Dave Anderson said: “We are excited to start this journey to help give agents more options to offer to their vendors, and to explore how home-hunters interact with agents’ listings when they are provided with more information about this method of buying or selling. “We know that the exact process varies from provider to provider and so we have developed information for home-movers to help them better understand how online conditional auctions work. We hope this could open up more routes to property transactions for agents who may not currently be using an auction provider or who do not have their own auction service.” Jamie Cooke, managing director at iamsold, said: “From market trends last year and how consumer needs have changed because of Covid, we knew 2021 would be a big year for MMoA. The volume of MMoA sales is growing rapidly as the speed, security and transparency offered is now more important than ever in the marketplace. Consumers will be aware of the process upfront, which we hope will lead to increased awareness and understanding, resulting in more interest in auction properties, bids and sales from engaged and informed buyers.”   To send feedback, e-mail julia.cahill@egi.co.uk or tweet @EGJuliaC or @estatesgazette