Rightmove to offer agents Modern Method of Auction digital feature

Rightmove is developing a new digital feature for the Modern Method of Auction (MMoA), to help agents who would like to offer this method of sale as a choice to their sellers.

Technical work is currently underway with the first auction provider, the leading provider of MMoA in the UK, iamsold, and will launch in the spring.

The innovative new feature is designed to give agents an additional route to market to offer to their existing and prospective sellers, and to help differentiate Modern Method of Auction listings on Rightmove.

In an industry first, Rightmove customers who are part of iamsold’s Partner Network will benefit by automatically having all of their relevant Rightmove listings enhanced with information explaining how the MMoA process works, and real-time information about the latest online bids on the property added to these listings via an API from iamsold.

Agents who don’t currently have an auction service have the option to sign up to iamsold to offer this to their sellers.

Further content explaining the MMoA process will also be promoted on Rightmove with the aim of helping educate buyers and sellers on the option.

Rightmove’s Agency Director Dave Anderson says: “We want to help give agents more choice to offer their clients, where they think this method would suit their sellers’ needs. We’re excited to be working with iamsold as our first auction provider for this feature and hope that by differentiating these listings on site it will help educate buyers and sellers about the Modern Method of Auction, so that they know there are different purchasing and selling routes available to them from agents. We also hope this may open up more routes to property transactions for agents who may not currently be using an auction provider or who do not have their own auction service.”

iamsold’s Managing Director Jamie Cooke added: “It’s our goal for the Modern Method of Auction to become a mainstream way of moving, allowing buyers and sellers more freedom of choice when it comes to the method best suited to their circumstances. Working with Rightmove is a huge step in the right direction for MMoA and will introduce it and its many benefits to the site’s vast audience.

“The volume of MMoA transactions is increasing every year. More agents are offering it and benefitting from faster and more secure sales, while movers are choosing MMoA for its speed, security and transparency, which have become more important than ever in today’s market. As the category grows and through our Best Practice Guide, we continue to champion transparency. We’re highly passionate that all consumers should be given a fair and consistent service, giving them a positive experience of MMoA.”

About MMoA:

• Buyers can use a mortgage to fund their purchase
• Buyers and sellers are pre-vetted, and to ensure a higher completion rate Reservation Fees and Agreements are put in place (iamsold has a 95% completion rate on sales agreed)
• Fixed timescales are outlined to deliver faster completions (completions must take place within 56 days)

ENDS