Auction firms merge to boost estate agent services

My Auction has merged with Bamboo Auctions to form one of the largest online auction providers in the UK.

Rocket Auctions, a newly formed subsidiary of the Bamboo Group, will offer estate agents the ability to sell properties by online auction through Bamboo’s technology platform. 

Agents will be able to manage the auction process from start to finish, now with the additional help and support of qualified auctioneer Stuart Collar-Brown, founder and chief executive of My Auction, who moves across to Rocket Auctions and take on the role as the group’s first in-house auctioneer.

Rocket Auctions’ estate agency partners will benefit from a number of additional services including professional and experienced auctioneer, who will be able to help train them in auction best practice and enable agents to utilise an additional revenue stream, bringing cash into their business quicker and more securely than the traditional private treaty method.

Collar-Brown will take a hands-on role, working closely with estate agents to help promote auction best practice, ensuring that auctions are recommended in the right situation for the correct reasons.

He will also teach buyers how to read and understand legal packs, navigate the bidding process and guide buyers and sellers through the process.

Robin Rathore, chief executive of Rocket Auctions, said: “Bringing My Auction together with Bamboo to form Rocket Auctions as an additional service to our customers, will help estate agents sell more properties.  We have a shared ethos to make auctions fairer and more accessible to all, and Rocket Auctions will lead the way in education when it comes to property auctions.

“I’m particularly excited to be working alongside Stuart in the Rocket Auctions team; his expertise and enthusiasm for auctions will be a benefit to both Bamboo and our estate agent partners. This year is going to be an exciting year for the Bamboo Group and we’re looking forward to breaking new records, introducing new technologies and continuing to deliver and improve our customer centric services.”

Collar-Brown added: “Joining forces and forming Rocket Auctions creates a new powerhouse in the world of property auctions and I am thrilled to be part of this venture. 

“My goal for auctions has always been to bring integrity to the auction process. In 2020, I joined the Propertymark NAVA Advisory Board to promote best practice in our profession and to ensure anyone recommending auction to a seller is doing so with the right intentions and with full knowledge of the pros and cons of a sale by auction.

“The merger gives us access to over 1,100 estate agent branches in the UK which allows us to have a much larger impact on the world of auctions. I’m excited to keep spreading the good word and helping clients who need to find a solution to whatever problem they are facing in the current market.”