A LEADING online property auction firm says their platform has proved successful in greatly reducing transaction times for buyers and sellers.
Iamsold, whose online auction and binding bids platform is used by thousands of estate agent branches across the UK and Ireland, says they are seeing a huge shift in the time it takes for properties to transact on its platform versus properties sold via the private treaty method of sale.
With legal packs provided upfront and buyers doing their legal checks earlier, Iamsold say they can on average at least reduce the time it takes to sell and close property sales by half compared to the normal process.
The time it takes to transact a property has increased significantly over the past number of years and we are giving the market a viable solution for those who need or want a faster sales process
— Iamsold director, Patrick Convey
Company director, Patrick Convey said: “We have been operating the Iamsold platform since 2009 and we are seeing strong prices being achieved on the platform, often similar or higher than private treaty sales.
“However, one of the areas we have focused on is reducing the overall transaction times and we have been able to take several months off the market average.
“Sales on the iamsoldni.com platform take on average six weeks to sell and one month to close, making this an attractive route for any vendor seeking to move in three months or less.
“Properties sold by the normal private treaty process takes c. one-three months to get “sale agreed” and then a further c. four-six months to close. The time it takes to transact a property has increased significantly over the past number of years and we are giving the market a viable solution for those who need or want a faster sales process.
“In addition, the fall through rate is on average c. 30% via private treaty while the fall through rate for sales via the Iamsold platform is less than 1%.
“Overall, we are making a big difference to vendors who choose to sell via a quicker method of sale, and we continue to offer our service on a no sale, no fee basis.
“Our process is also very well received by motivated buyers keen to get moved via a quicker and more secure process also.”
Iamsold are now taking entries for their upcoming scheduled online auction dates on May 16 and June 20.
For more information on the Iamsold bidding platform or to discuss selling your property by binding bids or online auction, call the Iamsold team on 028 9560 8380 or visit their platform at www.iamsoldni.com.
Alternatively contact your local estate agent to discuss selling via this route.
