It’s been a trend developing in the past few months - estate agents increasingly flirting with the idea of selling homes via auctions, especially in a sticky market.
Now a new service called LetsBid Property is being launched with the aim of enabling estate agents to upload listings to a website where registered buyers and renters can bid for property they’re interested in.
“The whole idea of LetsBid is that estate agents can offer online auction services as an extension to their business whilst remaining in complete control of the process, particularly in regards to whom they accept bids from and at what price,” says the service founder, Milton Rodosthenous.
“In effect, we act like an estate agent’s virtual or remote auction department, enabling them to become an auctioneer overnight” he claims.
The process works like this:
Agents can set a guide and reserve price as well as the duration of the bidding process. They can also access details of anyone making bids or downloading relevant documentation about the property.
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