Rightmove reveals four new Modern Method of Auction providers

Rightmove - which for some time has linked solely with iamsold to provide the controversial Modern Method of Auction system to agents - has now announced four rival providers.

SDL Property Auctions, Pattinson Auctions, GOTO Group and Bamboo Auctions join iamsold; Rightmove agents who are already customers of these providers will automatically have the information added to their relevant listings.

Rightmove says MMA is a process of buying and selling property that allows a longer timescale for exchange and completion than at a traditional auction. 

Most of the legal and conveyancing documentation is prepared prior to the auction going live, and buyers can expect to pay a non-refundable reservation fee of about five per cent of the purchase price.

It is that high fee, and claims about the transparency surrounding it in terms of information for consumers, that has dogged the Modern Method of Auction since its inception.

Three years ago the Homeowners’ Alliance consumer group described the MMA process as “murky” because of the way it capitalised on buyers who - the alliance felt - were not always made aware of the scale of fees they would have to pay upon a completed purchase. 

A statement from Rightmove today says: “The onboarding of four new providers is set to significantly extend the visibility of this digital feature and will be supported by further educational content on the Rightmove platform for both buyers and sellers.”

The portal’s agency director Dave Anderson adds: “We’re really pleased to add four new…providers to Rightmove, to increase the number of agents who will have their listings enhanced and to offer more choice to agents interested in partnering with a provider. We hope this could open up more routes to property transactions for agents who may not currently be using an auction provider or who do not have their own auction service.”