Online network love2move - which gives partner High Street agents an option to offer vendors an online sales service - is now linking with iamsold.
iamsold promotes the web-based Modern Method of Auction and claims a 12 per cent increase in online auction sales so far this year.
Love2move says growth in new instructions to hybrid agents was 49 per cent higher than their high street counterparts in the third quarter of this year according to property consultancy TwentyCi.
A statement from the platform says: “The partnership will help love2move’s network of estate agency owners expand their services and increase commercial opportunities, by supplementing income from traditional sales and upfront income from fixed fee sales with additional income from successful transactions via the MMoA.”
Georgina Cox, co-founder of love2move, says: “We are delighted to partner with iamsold, which has over the past ten years, become a key player in the UK auction market. This is all about choice, iamsold’s network of agents can now offer their clients more choice to help them move with ease. By accessing love2move services, agents can now offer a full range of services to cater for different motivations and their clients have the freedom to sell their property their way.”
And Jamie Cooke, managing director of iamsold, adds: “The Modern Method of Auction is fast-growing as it’s a really accessible method for buyers or sellers who want to benefit from its speed, security and transparency.”
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In my experience, the modern method of auction does nothing to support a vendor achieving the best price available. The 6K fee a buyer must pay puts many off and the vendor is likely to take less as a result of buyers wanting that 6K off the top. Vendor loses. The only winners here are the agents and iamsold.
The complaints are beginning to come in fast from people misled by this method and I am increasingly advising complainants. The first cases are likely to be coming to court in the near future, Covid restrictions permitting. £6,000 is at the bottom end of the scale. £10,000 and £12,000 fees are not unusual. Trading Standards and the TPOS Code of Conduct now state that practitioners have to tell sellers that the price they will get for their home where there is a high buyer's fee will be less than they would otherwise achieve because the buyer computes that figure into what they offer, and also that the number of bidders for the property will be less as a result, but few do so for obvious reasons. Some practitioners treat the contract as one way only and if they do not comply with the terms it does not matter. Also, many buyers are not being told at the outset that the reservation fee is added to the purchase price for stamp duty purposes, and many sub-agents are simply producing misleading particulars. It is money for old rope, but old ropes tend to snap.
They've had a good run that's for sure.
Hi Can I change my mind about buying under this method, after I made an offer over the phone, which was accepted? I haven't paid the £6000 yet or signed anything,but I seem to have read that 'Iamsold' can sign these forms for you? I can't guarantee I'll be able tosell my own place within 52 days, in order to buy the new property. The agents haven't even told me a lawyer who can do the conveyancing,as my local firm won't do it for me.
Thanks
david Colyer
Why on earth does any firm partner with one firm only for that firm to partner with another third party? Just go direct FGS!
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