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

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

22:36 PM, 21st March 2011, About 13 years ago 47

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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

8:11 AM, 8th May 2011, About 13 years ago

We have just launched another white label site for Luke Miller Assoc in Thirsk. The owner Patrick Miller is delighted to be able to offer a unique bidding service in Thirsk. He understands this will give him market edge and sell more properties - http://lukemiller.bidonmyhouse.co.uk/.

8:15 AM, 8th May 2011, About 13 years ago

A further part of Lincolnshire has now been covered for Andrew and his team at Investing North to expand their business. Their white label site - http://investingnorth.bidonmyhouse.co.uk/ will be uploading properties next week.
More white label sites are in the pipeline.

14:11 PM, 8th May 2011, About 13 years ago

Great news Paul that things are going well - A great site and service that you offer - We love the idea and believe that this will grow with your continuous hard work.....Also It's great to have bidonmyhouse.co.uk as a partner on board with TenantID. Keep up the good work.

18:57 PM, 8th May 2011, About 13 years ago

Thank you Lorna,
It is so nice to deal with people like yourself and Mark who have the same high standard our company have and look at the bigger picture.

We have had a very busy weekend with our admin working none stop to load many great properties. We have many more coming next week.

The word has now got out thanks to the endevours of people like yourself and Mark at Property118. We always believed in our service and with the response we have received from sellers this has blown us away. We always thought there had to be another way.

9:05 AM, 9th May 2011, About 13 years ago

What a concept! It seems some agents are hesitant to use bidonmyhouse as it's new and unique, however, one day last week spent ringing 80 odd vendors on behalf of an agent resulted in 51 of them now using the service! That's just short of 70%!!

This is a HUGE indication that agents should seriously look at offering this additional method of marketing and selling property as a simple and risk free way of maximising their success.

10:51 AM, 9th May 2011, About 13 years ago

To ensure East of Hull is covered by bidonmyhouse the white label site - http://pinkapple.bidonmyhouse.co.uk/ is now live.

We are now showing on Youtube - http://www.youtube.com/watch?v=VKS2NtoFU48

15:19 PM, 11th May 2011, About 13 years ago

I have just typed in under a google search - online property auction service - number 1 page 1. How good is that and predominantly all thanks to Mark and his team a Property118. Absolutely brilliant!

8:12 AM, 13th May 2011, About 13 years ago

Good morning, Over the last few months we have been working closely with Paul and his team to develop an online auction service for our business in Lincolnshire. As the largest estate agent in the area we were extremely keen to be able to offer an auction facility to our customers.
We can report that it has been a pleasure to work with bidonmyhouse who show exceptional professionalism at all times and the feedback from our customers has been remarkable. Paul's knowledge of the property market is remarkeable but additionally he has such a pleasant and honest approach it has been so well received by both clients and staff.
We are delighted that bidonmyhouse can now be found on page 1 of a google search which will assist our own white label site. Paul informs us that this high ranking has been achieved by the help of Property118. Outstanding achievement.
Paul Fox.

12:56 PM, 13th May 2011, About 13 years ago

What a day I am having. We recently launched our white label site through bidonmyhouse. Last night we ran a full page advert in the local property paper advertising our services. There are always concerns if newpaper advertising will work, but the phones have not stopped ringing since last night.
We have taken on 11 new properties and with bidonmyhouse showing on page 1 of google this has enabled us to join this premier position. There are actually 4 entries on page 1 about bidonmyhouse and my own white label site/estate agency business. This ranking has given our business a fantastic boost and I cannot thank Paul and his team enough for the assistance they have given me but my thanks are extended to Property118 for their work in promoting this forward thinking company.

10:12 AM, 14th May 2011, About 13 years ago

Well done Paul. You thoroughly deserve this success.
Not only do you have an excellent product, which you market in a totally ethical and fair way to both vendor and buyer, you do it with a genuine concern for the Property market and all of your friends and colleagues in the industry.
To bring an even larger grin to your face, Vida Estates in Gainsborough, and their new showroom in Lincoln are both fully behind bidonmyhouse and eagerly look forward to working with you.
Bill Miller.

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