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

Text Size

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.



Share This Article


Comments

12:15 PM, 16th June 2011, About 13 years ago

We are having another busy week. Grays & co in Beverley are just about to launch their white label site with bidonmyhouse. Netty Sergeant our East Yorkshire Area Director has worked so hard with the team at Grays. Some really good properties should be offered by the end of the week.

We are also working closely with Blue Windmill Homes with their launch scheduled within the next 5-7 days. This business will run nationally and already their are affiliates from Edinburgh down to Bristol.

12:58 PM, 21st June 2011, About 13 years ago

Another week is flying by but stock is selling. We have just launched a white label site for Grays & Co in East Yorkshire - http://graysandco.bidonmyhouse.co.uk/

This new site is part of the planned expansion programme through East Yorkshire. We are already receiving national recognition and a number of major contracts are being finalised to rapidly expand bidonmyhouse throughout the UK

21:20 PM, 2nd July 2011, About 13 years ago

This piece was cogent, well-wittren, and pithy.

20:43 PM, 13th July 2011, About 13 years ago

It is a shame there are not more hours in the day. bidonmyhouse is now proving so popular with our clients - both agents, sellers and buyers. The quality of our listing is exceptional and the shear number of properties coming on the site daily is remarkable.
We are now receiving industry recognition and to say the phone never stop ringing is an under statement. We are now being approached by some very large concerns who realize bidonmyhouse is a fantastic portal and service to market all types of property.
We cannot thank Mark at Property118 enough for the help he has and still gives our business. There are now so many things in the pipeline and contacts we have made are now speaking to Mark who is helping them promote their services. That will be the best phone call they ever make.

9:36 AM, 29th July 2011, About 13 years ago

At the beginning of 2011 we took the decision to open an estate agency office in Hull. Our aim was to make a difference and offer an exceptional service to all our clients.
We heard about bidonmyhouse and was impressed by their professionalism,straight forward and honest approach. Their MD - Paul Fieldson is definitely a larger than life character with an unbelievable knowledge of the property market. We immediately became an affiliate with a white label site - http://www.pinkappleauction.com. This online auction facility has allowed our business to rapidly expand and we are now ranked as the Number 2 agent in our area according to Rightmove.
Our success has given us the confidence to authorize further marketing and we are currently running a radio advertising campaign. We are now planning to expand our business in to other areas now our reputation has grown.
We cannot thank Paul and his team for all the advise and assistance they have given us and their enthusiasm has definitely rubbed off on our staff.

12:16 PM, 14th September 2011, About 13 years ago

As you spread your excellent service which is not only innovative, but also a sustainable solution for the UK property market, are there plans to expand the service to entice landowners along? There are undoubtedly many private and commercial landowners with suitable building land without permission, outline permission or detailed consent who are uncertain what to do in the current climate. Offering land for sale either fails or achieves, going to tender or offering up for general auction is so full of pitfalls. But your service offers an ideal platform along the lines of sealed bid tendering, but without the associated issues. It is a thought I wanted to broach as I am sure the interest could be high.

12:56 PM, 14th September 2011, About 13 years ago

Thank you Arvid,
Our system is designed to offer to the market any type of property and we already have land on the site. We are apparently getting 6 more plots today in Lincolnshire.
The benefit with bidonmyhouse is that our company is totally run by professionals in a very independent and unbiased manner with the total focus on obtaining the customer the most achievable price in the current market.
One of our affiliated agents is now seeing an extra 250,000 hits on their website per week and viewing are going through the roof.
We are hopefully finalising a case today were the customer had been trying to sell for 4 years. We have got a buyer in 2 weeks. Another were the owner had been trying to sell for 3 years and had 5 viewings. We have had over 4000 hits on the website for that property and block viewings have been arranged! We took a case on our system in Wales on Saturday afternoon - 1700 hits on the web site and 2 viewing already. The owner cannot believe what we have done for him.

1 2 3 4 5

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now