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

7:47 AM, 16th May 2011, About 13 years ago

What a response we have had since Thursday. Our clients are really appreciating the fact that we have a very honest approach but also we are open 7 days a week. We have already started to load properties on our online auction site with many more to be loaded this week.
We always wanted to offer a fresh approach to all aspects of the property market and all the hard work is now paying dividends.
We are now showing in 2 places on a google search for online property auction service which has been achieved by a lot of hard work but outstanding efforts by Property118.

7:35 AM, 18th May 2011, About 13 years ago

The saying success breeds success is certainly happening with my business. The phones do not stop ringing and we are daily entering properties on our auction site, but more importantly we are getting loads of interest and bids are coming. The high ranking on google is playing a significant role as this is a fantastic marketing tool. We are confident of a very bright future.

18:01 PM, 19th May 2011, About 13 years ago

What a week we are having. The number of registered bidders has significantly increased but we are hoping 3 properties will be agreed by close of business tomorrow.
The power of the internet ranking has given our company such a high profile which is of significant benefit to our clients. A major advertizing campaign in Lincolnshire starts tomorrow which combined with our increased profile on the internet should further enhance the activity on the site.

9:01 AM, 21st May 2011, About 13 years ago

The week defintely ended on a high. There were massive hit rates on the website and the phone did not stop ringing. Our new Lincoln base will be opening in the next few weeks thanks to Ken,Bill and his team.
It is certainly watch this space.
Additionally, with the thanks to Mark we were contacted by a major client who realises the benefits of bidonmyhouse and we are looking forward to a very productive long term relationship.
There are so many things going on with the development of our business which will assist both buyers, sellers and our affiliates. We cannot thank enough the hard work of all involved particularly Mark and his team at Property118.

Mark Alexander - Founder of Property118

12:36 PM, 21st May 2011, About 13 years ago

I'm delighted that is going so well for you Paul and thank you so much for the testimonial you left for Property118.com on the Property Tribes forum. As you know, your business is mentioned several times in our latest You Tube video which can be seen at http://www.youtube.com/watch?v=bDuvmpJQB2U&feature=mfu_in_order&list=UL

12:51 PM, 21st May 2011, About 13 years ago

Good afternoon,
We have just been looking at the Youtube video - http://www.youtube.com/watch?v=bDuvmpJQB2U&feature=mfu_in_order&list=UL We are delighted with the comments made about Paul and his team at http://www.bidonmyhouse.co.uk.
I have been in the property business for many year and have met so many property people - some good - some not so good. We became affiliated with bidonmyhouse at the beginning of the year. What a difference this company has made to our business. Paul and Bill have so much energy and enthusiasm for the business and genuinely want to make a difference. They are so much more than an online property service - highly professional but they care - we are looking forward to a long association with them and they share our excitement about the imminent launch of our Lincoln office.

21:45 PM, 24th May 2011, About 13 years ago

Another busy day. As we type this our admin staff are working away.
Thanks to Mark at Property118 we have another new client who have instructed us to enter 24 lots with more promised.
Paul Fox Estate agency have reported a significant increase in viewings and general activity. What an achievement from all concerned.

Mark Alexander - Founder of Property118

21:47 PM, 24th May 2011, About 13 years ago

Admin staff working at 10:46 PM? I bet your staff love me for helping promote your business (NOT!!!). I hope you're paying them well Paul 😉

15:16 PM, 25th May 2011, About 13 years ago

Talk about exciting times. We have already loaded 26 great properties today with more coming and have just received a call from another client with over 400 properties for the site in the next few weeks.
bidonmyhouse is starting to roll out in London this week which is very exciting as many part of London are very active at the moment and the best thing about bidonmyhouse is that in a strong market the system always ensures the vendor will get the best price possible.
Agents have been looking for a new modern service to assist everyone in these challenging times and many are now realising bidonmyhouse is the answer - more viewings/more offers/more instructions and a positive alternative to give to vendor.

8:07 AM, 30th May 2011, About 13 years ago

Well done Paul. We are so pleased bidonmyhouse is proving to be such a great success as we know how hard you have worked to develop this fantastic service. Without any doubt the property market is steady as in our area "for sale" boards litter the street scenes. Something had to change to offer a different approach and get things moving.
It needed someone like yourself with such drive and passion to try and make this change and with your high level of professionalism it was always going to be a success.
We have no hesitation in telling everyone we meet about bidonmyhouse, but we are now finding our friends and family already know about so this good news is travelling fast.

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