Lambert Smith Hampton, a real estate consultancy servicing the commercial sector, has developed an online auction website to go with its current push for digitization.
Developed in-house with the support of a third-party developer, the 574 platform is being positioned as an online brand that allows people to buy and sell property quickly, flexibly and securely.
It sports an eBay-style selling format, with potential buyers going through a vetting process. Once approved, they can place a bid for any property during the day of sale.
While LSH is focusing on the UK property market right now, it said people from anywhere in the world can buy properties using the platform.
LSH told PlaceTech: “What makes our platform different is that it is simple and you can transact in minutes for both buyers and sellers.”
During two years of testing, the firm said it sold more than 60 properties on behalf of clients through the website. Prices reached an average 18% premium above expected levels on many of these sales, with properties varying from £20,000 to £11m.
Lambert Smith Hampton is an award winning, top 10 commercial property consultancy with over 800 professional staff located across a national network of 26 offices (UK and Ireland).
Its professional teams deliver transactional and consultancy real estate services to both the private and public sectors, in industries as diverse as banking, finance, telecoms, retail and transport.
LSH provides an understanding and knowledge of the UK and Ireland's local property markets backed by full national capability.
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