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Further consumer education is needed to remove the stigma of auction property sales, iamproperty co-founder Jamie Cooke claims.
Cooke has suggested TV shows such as the BBC’s Homes Under The Hammer have affected the image of auctions.
He warned that the programme focuses on a buyer getting an auction deal, renovating a home and selling it for a profit, but doesn’t show the vendor side where they have secured a speed and secure sale.
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Speaking on the latest episode of Property Podcast Today with Lee Dahill, Cooke said agents have a role in challenging the stigma around auctions.
He said: “More agents are working with businesses such as iamsold to add auctions to their offering.
“From a consumer perspective there is still a long way to go.
“There is a bit of a stigma that auction is only for certain property types or scenarios such as a negative reason connected to the property.
“We are trying to break those barriers, we are doing a good job but have a long way to go.”
Cooke said iamproperty’s agent network is growing and the industry is getting better at educating consumers on the benefits of auction rather than it being portrayed as scary or dirty.
Complete tosh. As a traditional auctioneer, I have found Homes under the Hammer to have been a major influence in opening up the auction market to the 'everyday buyer' rather than the dealer/builder. It also provided awareness of the method to sellers as unless their agent conducted auctions, they were unlikely to be offered the option.
No one is interested in how fast the landlord sold a property 'on tv' but people put their property into auction because they want a quick sale. Modern Method of Auction seems to work well 'up north' but down here in the big smoke, we don't need it.
A friend of mine, a University Professor with a doctorate degree, returned to the UK after being away for 10 yrs and bought a property at auction through i Am Sold only to discover on completion that she was responsible for the vendors auction costs. She hadn't realised when signing the auction contract that this was not normal practice! Her father raised it with me and I was dumbfounded. Is this in fact normal practice today?
Modern methods of auction is a con for both the seller and the buyer. I certainly would never manipulate any of my clients to short change themselves in order to get paid more.
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Complete tosh. As a traditional auctioneer, I have found Homes under the Hammer to have been a major influence in opening up the auction market to the 'everyday buyer' rather than the dealer/builder. It also provided awareness of the method to sellers as unless their agent conducted auctions, they were unlikely to be offered the option.
No one is interested in how fast the landlord sold a property 'on tv' but people put their property into auction because they want a quick sale. Modern Method of Auction seems to work well 'up north' but down here in the big smoke, we don't need it.
Modern Method auctions tie in the vendor but not the purchaser. How is that in a vendor's best interests?
A friend of mine, a University Professor with a doctorate degree, returned to the UK after being away for 10 yrs and bought a property at auction through i Am Sold only to discover on completion that she was responsible for the vendors auction costs. She hadn't realised when signing the auction contract that this was not normal practice! Her father raised it with me and I was dumbfounded. Is this in fact normal practice today?
Modern methods of auction is a con for both the seller and the buyer. I certainly would never manipulate any of my clients to short change themselves in order to get paid more.
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