Modern Method of Auction attracts Zoopla member agents

Over 100 Zoopla member branches have signed up to the Modern Method of Auction system offered via the portal.

Over the summer Zoopla entered into a partnership with iamsold and this has so far generated sales worth over £800,000 in capital value for vendors and £31,000 in agent fees. 

A further 200 branches are in the later stages of signing up.

The portal claims MMoA offers a major growth opportunity for agents, in part driven by lifestyle changes brought on by Covid-19, and in many cases to stand more of a chance of making the stamp duty holiday deadline. 

So far this year, iamsold’s online auction sales are up by almost 12 per cent compared to the same period in 2019.

iamsold managing director Jamie Cooke says: “We’ve pioneered the MMoA and it’s our goal for it to become a mainstream way of buying and selling property in the UK. There are clear benefits for agents and it can be a lifeline for vendors relying on a quick and secure transaction, which Private Treaty can’t always promise.”

He describes Zoopla’s involvement as “invaluable” and adds: “Not only is it expanding our network of partner agents and auction champions, it’s hugely contributing to the work we’re doing to change the perceptions of auction to grow its market share even more.”

Andy Marshall, Zoopla commercial director, adds: “We’re delighted with the positive results our agent partners have already enjoyed working with iamsold. The feedback we’ve received from agents suggest for many the MMoA represents a real opportunity to grow and diversify their revenue beyond traditional sales.”

Zoopla cites early adopters of the partnership to have joined iamsold’s network including Michael Jones & Co, AP Morgan and Hilton & Fox.

Awais Ahmad, chief executive at AP Morgan, says: “Vendors’ needs have changed since the first lockdown and the market is even more competitive when it comes to winning listings, so offering the MMoA will help us to stand out and sell vendors’ properties best suited to their circumstances.”