Agent training to include Modern Method of Auction compliance

Training operator The Able Agent is to include a module on the Modern Method of Auction in its future programme. 

Charlotte Jeffry-Campbell, director at The Able Agent, says her firm has entered into a strategic partnership with MMA company iamsold and adds: “We are passionate about training and helping estate agents gain confidence in both their sales skills and in understanding their obligations by law. 

“Partnering with iamsold underlines our view that central to a good estate agency business is making sure that negotiators, managers and listers are confident in offering the best advice to their customer.”

MMA, also known as a conditional auction, has been in the spotlight for its high fees. 

It allows prospective buyers to place bids on a property within a given timeframe. At the end of the auction, the highest bidder is required to pay a reservation fee to secure the property. The buyer then has 28 days to exchange and a further 28 days to complete.

The fledgling sector has been criticised for an alleged lack of transparency over the non-refundable reservation fees paid by purchasers, which often cost around £5,000 plus VAT or five per cent of the agreed purchase price.

iamsold, which is now the UK’s largest independent residential auctioneer linked with 2,500 agency branches, has developed what it calls a ‘Best Practice Guide’ outlining the the code of conduct for those agents offering MMA. 

iamsold says this is “supported by a number of key industry players including the NAEA Propertymark, The Property Ombudsman and Essential Information Group.”

Jeffry-Campbell continues: “The auction training content has been developed with the best practice guide at its heart. We believe that being confident in offering advice and gaining customer trust is at the core of a profitable estate agent.”

The new training module is to be included in an upcoming iamsold training exercise involving agents.