Zoopla launches live online property auction with REDC

Initially focused on repossessed properties, the service will also shortly be available to estate agents across the UK, providing them a new, fast and effective additional route to market for any of their property listings. Zoopla.co.uk will not charge its member agents anything for listing properties in its auctions and in addition to receiving their standard commission from the seller when the property is sold through the online auctions, agents will benefit from a further 0.25% of the purchase price as a referral fee which will be paid by Zoopla.co.uk.

The service will allow agents who advertise on Zoopla.co.uk to add any properties they choose into the new auction service, while continuing to market them and offer them for sale in the normal way. Properties may be added to the auction service up to 30 days prior to the auction commencing, during which period prospective buyers can arrange viewings via the agent and carry out due-diligence. Over the coming weeks, automated functionality will be introduced to allow Zoopla.co.uk member agents to seamlessly opt any of their properties into the auctions.

The auction platform offered by Zoopla.co.uk will provide agents with the ability to offer vendors a unique, additional route to market, which should result in maximising the sale price achieved and reducing the time on market, along with providing agents the opportunity to boost their commissions by approximately £500 per average transaction.

Agents and vendors will agree a reserve price before the property is entered into the online auction and successful bids will be binding on the buyer. Only properties represented by estate agents, lenders and developers will be permitted on the auction platform located at Zoopla.co.uk/auctions. Private sellers will not be able to participate.

Alex Chesterman, CEO of Zoopla.co.uk, said: "We see live online bidding as the future of property auctions and our innovative offering as one of the most exciting developments for estate agents in the UK for years. We are delighted to be partnering with REDC, the world’s leading player in property auctions, and their expertise in online property auctions combined with the Zoopla.co.uk audience creates a unique and transformational opportunity for our agent members to maximise the price achieved, reduce the time on market and significantly increase their fee potential."

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4 thoughts on “Zoopla launches live online property auction with REDC

  1. auction buyer

    Would this be the same REDC who died on their arse with their supposed “no starting bid (But there IS a hugely unrealistic reserve)” UK live auctions last year??? Selling less than 20% of the lots offered???

  2. Jo

    I was interested in a property in a REDC auction last year – a detached 4 bedroomed property in a good part of Coventry. The picture showed an apartment in a purpose built block of flats in Birmingham. I e-mailed them to ask which was the correct property being auctioned – but they never even replied!! Hope whoever bid for the property viewed it first !!

    Jo

  3. Joey

    They claim properties can be purchased up to 40% off their true values, this is not true. The properties have a very high almost above market value Reserve price but they deliberately show a very low entry biding price to induce you to bid. I do not think anybody has ever purchased a property below market value. On the site it will show as Gone but this is very much misleading as it is not sold, but will reappera again on their next auction. Waste of time if you ask me and their fee of 2% is outrageous as the buyer do not get any service out of it. Firstly they do not reply to any enquiries and when they do the answers make no sense, secondly they run a premium rate telephone numbering system minting them extra revenue. My advise stay clear. And this is to the agents, you too stay claer, its giving you a bad name.

  4. London

    We where following a few auctions for property in the London area, eariler this year. None of them sold either, many due to a reserve not being reached. So really can’t see how there claims of 40% can be any where near. Since then we launched our new website http://www.londonevictions.com and many of the landlords / agents we supply say the same.

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