PropTech Today - Jackson-Stops builds auction house with Bamboo

National estate agency, Jackson Stops, has appointed Bamboo Auctions to provide the white-labelled technology behind its new J-S Auctions service.

Bamboo Auctions provides estate agents with the technology to enable them to power their own online auction offering. In doing so, agents can list, control, and manage their own auction service. By using Bamboo’s technology platform, J-S Auction will be able to add auctions to their existing service offering vendors another option when it comes to marketing and selling their property.

The popularity of online property auctions is on the rise as sellers look for more speed, certainty and transparency when it comes to selling their property. In the last month, Bamboo Auctions have seen a 30% increase in the number of properties being listed by its agent partners for sale by online auction.

Using Bamboo’s technology, J-S Auctions will be able to list properties for sale by online auction at any time, giving sellers complete flexibility over the transaction timescales. Buyers will be able to search, download the legal packs, and place bids from wherever they are. Auction properties will be marketed across Jackson-Stops network of over 40 offices across the UK, the usual property portals, and the added benefit of being marketed through Bamboo Auctions’ platform.

Control of the process

Nick Pattison, partner at Jackson-Stops Northampton branch, said: “Selling property through online auction is quickly gathering momentum as sellers look for a quicker and more certain way to secure a sale. With property auctions, transaction times can be as little as 21-28 days, versus three-six months through private treaty, making it an ideal solution for situations like probate, land, or people looking to move in a hurry.

“Using Bamboo’s technology platform enables us to offer an additional route for sellers to take, allowing our agents to upload the property to the portal and maintain control of the process and vendor relationships from start to finish. We have already sold properties through the platform; the process was painless, and our vendors were happy with the outcome.”

Robin Rathore, CEO, Bamboo Auctions, said: “We’re excited to be working with Jackson-Stops to help them grow their J-S Auctions brand. We’ve seen a significant uptake in demand for our online platform technology as agents seek to take back control of their own auction service. Using online auction, estate agents earn more of their revenue, faster, which in the current market helps to ensure positive cash flow.

Definite timeline

“Bamboo provides all agent partners with training on how to use the platform, along with advice and knowledge around how to spot the right properties for auction, when to suggest it, and how to ensure the vendor gets the best outcome.”

Nick Leeming, Chairman of Jackson-Stops, said: “At Jackson-Stops we’re continuously exploring ways to evolve our business model in order to provide the best service to buyers and sellers. Our partnership with Bamboo is yet another example of our ability to harness our years of experience whilst adapting to changing market needs.

“Auctions have the power to attract a diverse pool of motivated buyers who may not have been in a position to buy the property through traditional means, this is particularly true for international buyers. Another significant benefit to purchasing at auction is the speed of the sale process - it provides a definite timeline for the transaction to be completed.