Outsourced auction provider IAMSold says it is the top independent auctioneer for residential property lots sold in 2018, according to the latest Essential Information Group league table.
It sold a total of 2,172 lots sold via physical auctions and a further 837 online.
The in-room league table shows IAM Sold up from fifth to fourth on capital value raised, and has a 74.6 per cent sales success rate, just above the national average at 73.6 per cent.
However IAM Sold strongly dominates the online league table with almost 60 per cent overall market share in capital value and units sold, having raised a total of £137,640,428 in 2018 – selling more than all other online auctioneers combined.
“We have heavily invested in people and technology, creating a sophisticated bespoke technology system ensuring an enhanced user experience for our online auctions. Our partner agents have seen the benefits of this system which has created a larger marketplace that generates more interest and activity. Buyers have the advantage of being able to bid from the comfort of their own home 24 hours a day, 365 days a year which is proving fruitful for all involved” explains Jamie Cooke, managing director.
According to the EIG league table, IAM Sold’s auction room sales grew by 9.9 per cent in 2018 and the company now accounts for just over 13 per cent of all residential auction sales in the UK.
“We spend a lot of time training agents and valuers, and they increasingly turn to auction as their main method of selling, recognising its benefits. We will continue to evolve our platform and training to ensure our agent partners receive a superior auction service and in turn, that their clients profit from this method of selling” says Cooke.
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Slightly misleading figures.
Many lawyers argue that conditional auctions are not auctions all but a form of tender because contracts are not exchanged on the fall of the gavel and auction packs with all the information required for a buyer to exchange contracts and for the beneficial interest in the property to pass to the buyer are not always provided at this stage.
To this add the fact that there is increasing lack of confidence from the house-buying public in this system and that Trading Standards/TPOS is likely to come down heavily on some of the practices before the end of this year, then this might be the first and last time IAMSOLD will be able to imply that they are the top independent "auctioneer".
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