Will new online property auction service bidonmyhouse really revolutionise the marketplace?

by Mark Alexander

22:36 PM, 21st March 2011
About 10 years ago

Will new online property auction service bidonmyhouse really revolutionise the marketplace?

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Will new online property auction service bidonmyhouse really revolutionise the marketplace?

Bidonmyhouse interview with Paul Fieldson, online property auction servicesA business claiming to be the UK’s first “truly national” online property auction service for UK property has just been launched. Mark Alexander, founder of Property118.com recently had an exclusive interview with Paul Fieldson, Managing Director of bidonmyhouse, to see if this online property auction really will live up to its aim of ‘revolutionising the marketplace’.  Interview notes as follows:-

Mark Alexander: That’s quite a bold statement to make. We’ve seen online auction companies come and go, but what makes your property auction different?

Paul Fieldson: What makes us different is that bidonmyhouse is the first that can claim to be truly national. This isn’t some back-bedroom enterprise – we have Area Directors covering every square mile of the UK allowing us to offer estate agents and sellers a personalised property auction service with a national reach. Then there’s our management team, which come from business and enterprise backgrounds and include a chartered surveyor, a business and a commercial manager and a wealth management expert.

MA: Why would a potential buyer use you instead of a traditional property auction house?

PF: For a start, bidonmyhouse is online 24 hours a day, seven days a week and we’re much more time and cost-effective than a physical auction room – buyers can bid from their home or sun lounger. There’s no danger of getting carried away in the emotion of the traditional property auction room and unintentionally overpaying, and with many more lots than would normally be in the ‘room’ they are more assured of success.

MA: So where is the benefit to the seller?

PF: In a traditional property auction, the buyer must be able to complete within 28 days. This reduces the market down to just those with the ready cash, who can attend on the day. BidOnMyHouse terms allow 28 days for exchange, followed by 28 days for completion. This gives buyers time to seek and arrange finance, widening the market of potential purchasers and ensuring that sellers get the best price for their property. It also gives the seller the comfort of a fixed timescale for moving. Sellers can also set their own starting and reserve price, and even – in the style of a certain well known auction website – offer a “buy it now” fixed price option.

MA: How do you plan to deal with failed sales?

PF: Unless the seller proves unable to complete, the reservation fee is non-refundable, and in the event that the deal does not reach the exchange of contracts stage, BidOnMyHouse will make a “sorry” payment of 30% of the fee to the seller, with the rest split between bidonmyhouse and the agent.

MA: How do the estate agents feel about this, are they threatened by the competition?

PF: Not at all. BidOnMyHouse is available only through local estate agents and property disposal businesses. This is a property auction service for estate agents, running alongside their traditional sales programme, and it costs them nothing. For agents who regularly list a certain number of properties with us, we can even offer a branded website on their behalf. BidOnMyHouse has had a huge amount of positive feedback from agents and are signing new arrangements with them on a daily basis. The main benefits to agents are increased sales and increased and predictable revenue. It will also reduce fall-through rates and bad debts because if a buyer is willing to pay the reservation fee, then there’s a very high chance of them going on to complete the purchase.

So, will bidonmyhouse achieve its aim? It’s too early to say, but I’ll be watching this one with interest.



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Comments

7:42 AM, 29th March 2011
About 10 years ago

Mark,

We have seen a significant increase in registered bidders since you did the blog all coming via Property118.com. Fantastic.

We are also in the process of restructuring our business model with a view to either removing or offering a negligible buyers premium. We are mindful how tight money is for many buyers and the whole ethos of BOMH is to assist agents sell more properties and get this market moving.

Again thank you and any ideas are always gratefully received.

Paul.

Paul J Fieldson BSc MRICS
Managing Director
The UK Property Solution(online auction) Ltd t/a bidonmyhouse
http://www.bidonmyhouse.co.uk
Mobile 07773917443

7:52 AM, 23rd April 2011
About 10 years ago

Mark,

We have now attached the RSS News feed to the blog section of our website http://www.bidonmyhouse.co.uk and already seen further registrations and hits.

Thank you.

21:22 PM, 3rd May 2011
About 10 years ago

We are now rolling out white label sites and this one has loads of fantastic opportunities - http://paulfox.bidonmyhouse.co.uk/

7:17 AM, 7th May 2011
About 10 years ago

Another white label sites - http://bellwatson.bidonmyhouse.co.uk/

7:26 AM, 7th May 2011
About 10 years ago

The response we have received from sellers and buyers on bidonmyhouse has been mind blowing. Out of every seller contacted in excess of 95% love the idea and feel this is the most innovative property selling method they have every come across. In Lincolnshire word has spread quickly and sellers are contacting us to ask to go on the web site.
In most areas the current system of high asking prices is not working and sellers are looking for an alternative, but different to a normal auction were they feel they have to take a low offer and face embarrasement if their property does not sell.

9:25 AM, 7th May 2011
About 10 years ago

This agent has fully embraced http://www.bidonmyhouse.co.uk via their own white label site - http://paulfox.bidonmyhouse.co.uk/

Paul Fox has been staggered by the response of his clients to use the service and feels this will not only sell a significant amount of properties but entice more business. Paul wants to be at the forefront of new ideas. Demand has been so high that the some of his team and BOMH professionals are working over this weekend to ensure every seller receives an unparalleld service.

9:52 AM, 7th May 2011
About 10 years ago

You're absolutely right Paul. I've been speaking to venders that have had their properties on the market for some time with little or no interest in them and they really appreciate this new initiative.

11:14 AM, 7th May 2011
About 10 years ago

What a result. If you type in ONLINE PROPERTY AUCTION SERVICE on google we now show on a high listing on page 1.
This is a remarkable achievement and our thanks go to Mark and his team.

12:14 PM, 7th May 2011
About 10 years ago

Whitegates in Scunthorpe are the first office of this National Company to use the services of bidonmyhouse. For more information please read their blog – http://www.whitegates.co.uk/branch-news/bid-on-my-house.html

We are aware that another large national estate agency are closely watching us.

Mark Alexander

12:30 PM, 7th May 2011
About 10 years ago

Hi Paul. Would you mind mentioning the success of your business profile on Property118.com to Whitegates and the Gold Business Member pages of our Directory please?

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