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

8:12 AM, 5th June 2011, About 13 years ago

Another great week has just passed. The word is definitely out and the calls do not stop. Spoke to some really nice people this week many of whom I am sure will become friends.
We have a Lincoln office opening on Saturday with Ken of Vida Estates which is creating some excitement and we are looking forward to the opportunities in that area.
Bill and Slav are also finalising the plans to roll out a facility to allow many Eastern Europeans the opportunity to buy in the UK which is already being well received. What a massive market.
The development of bidonmyhouse at this level could not have been achieved without the help of Property118.

14:32 PM, 8th June 2011, About 13 years ago

How a page 1 ranking on google changes your business. We are now receiving daily calls from some large companies wanting to do business with us - how things change.
We are just finalizing the details of our new complimentary service tapping in to the massive Eastern European market - there are over 1 million eastern europeans in the UK many of which want to rent but more importantly buy in the UK. The language issue prevents many from buying - we are trailing a new service in East Yorkshire and Lincolnshire which will give a user friendly translation service for our affiliated agents to professionally assist the Eastern European's the opportunity to buy or rent with confidence in the UK.

15:30 PM, 8th June 2011, About 13 years ago

Over recent months I have been watching this company with keen interest. Something was needed to invigorate the property market and offer a positive approach to disillusioned property owners. The sellers seem to have resided themselves to the fact that they can place their properties on the market and nothing happens and initial market reactions cannot be tested.
It seems that bidonmyhouse are offering a service which has been needed for a long time, to see them escalate through the rankings onto page 1 of google, must mean the profile and market response is being exceptionally well received and as a property investor I can only wish them all the very best.

17:34 PM, 8th June 2011, About 13 years ago

You are right Phil when you say "exceptionally well received" because yesterday alone I had three more agents requesting me to spend a day in their offices, contacting their vendors to promote THEIR new bidding service, powered by http://www.bidonmyhouse.co.uk of course.
Agents with their ears to the ground and eyes looking for a competitive edge are realising that the bidonmyhouse system is a fair, safe yet dynamic vehicle to further promote their stock and realise more viewings, offers and, most importantly, sales.
The beauty of the bidonmyhouse system is that is runs in conjunction with, and not against, all normal methods of marketing e.g. window boards, property press, Rightmove, Find A Property etc. and best of all, it's FREE!
With the market as it is, agents ignore bidonmyhouse at their peril.....

11:14 AM, 9th June 2011, About 13 years ago

Our plans to offer a translation service are moving forward for the Eastern European's in the UK. This service is to over come the language difficulties and allow any Eastern European to buy or rent in the UK with confidence. Our translators understand the UK property market and are there to advise and assist throughout the buying or letting process.
There is a massive demand out there and our testing and market research has been a great success. This market should not be ignored as there are over 1 million Eastern Europeans in the UK many of which have a great desire to buy.

Mark Alexander - Founder of Property118

11:17 AM, 9th June 2011, About 13 years ago

Paul

My fiancee is dual nationality British/Russian and speaks both languages fluently. I speak Russian very badly. Let us know if you need and help in this regard.

12:54 PM, 9th June 2011, About 13 years ago

Thank you Mark, I sat in a meeting yesterday with a Polish gentleman and a Russian lady whilst currently suffering with hearing problems - now that was interesting.
Paul.

Mark Alexander - Founder of Property118

13:47 PM, 9th June 2011, About 13 years ago

You gave me an idea Paul. We've just added Google Translate to our web-site so 98% of internet users can now read Property118.com in their native language. See the left side bar.

14:02 PM, 9th June 2011, About 13 years ago

Now that is clever. How easy is it to add to a web site? Our European contacts are working hard to drive traffic to bidonmyhouse so a translation tab would be really helpful.

Mark Alexander - Founder of Property118

14:10 PM, 9th June 2011, About 13 years ago

It took just a couple of minutes for Jack to do this. He's with us on a Marketing Internship from the University of East Anglia. By all means email him jphillips@property118.com

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