Jackson-Stops plans to increase its presence in the property auction market after agreeing a deal with Bamboo Auctions to provide the white-labelled online auction technology behind its new J-S Auctions offering.
Bamboo Auctions provides estate agents with the technology to enable them to power their own online auction offering. In doing so, agents can list, control, and manage their own auction service.
By using the technology platform, J-S Auction will be able to add auctions to their existing service offering vendors another option when it comes to marketing and selling their property.
J-S Auctions will be able to list properties for sale by online auction at any time, giving sellers complete flexibility over the transaction timescales. Buyers will be able to search, download the legal packs, and place bids from wherever they are.
Auction properties will be marketed across Jackson-Stops network of over 40 offices across the UK, the usual property portals, and the added benefit of being marketed through Bamboo Auctions’ platform.
Nick Leeming, Chairman of Jackson-Stops, said: “At Jackson-Stops we’re continuously exploring ways to evolve our business model in order to provide the best service to buyers and sellers. Our partnership with Bamboo is yet another example of our ability to harness our years of experience whilst adapting to changing market needs.
“Auctions have the power to attract a diverse pool of motivated buyers who may not have been in a position to buy the property through traditional means, this is particularly true for international buyers. Another significant benefit to purchasing at auction is the speed of the sale process, it provides a definite timeline for the transaction to be completed.
“Working with Bamboo has been an exciting time for the Jackson-Stops network, and we’ve seen real interest to explore this new way of selling. We look forward to what the future holds and offering this technology to more customers.”
Nick Pattison, partner at Jackson-Stops Northampton branch, commented: “Selling property through online auction is quickly gathering momentum as sellers look for a quicker and more certain way to secure a sale. With property auctions, transaction times can be as little as 21-28 days, versus three-six months through private treaty, making it an ideal solution for situations like probate, land, or people looking to move in a hurry.
Robin Rathore, CEO, Bamboo Auctions, added: “We’ve seen a significant uptake in demand for our online platform technology as agents seek to take back control of their own auction service. Using online auction, estate agents earn more of their revenue, faster, which in the current market helps to ensure positive cash flow.”
