Zoopla enters auction market

Zoopla.co.uk is preparing to roll out an auction service that will offer agents 0.25% commission.

The portal has joined forces with Real Estate Disposition Corporation to offer the new service, which will host four-day auctions running from Thursday afternoons to Sunday evenings when the auction closes and contracts are exchanged with the successful bidder. The first auction will focus on repossessions and is expected to market 150 homes for four days from February 11.

Agents will be able to add any properties they want into the new service as part of the subscription fee they pay for marketing them in the standard way. Properties may be added to the auction service up to 30 days prior to the auction commencing, during which period prospective buyers can arrange viewings via the agent and carry out due-diligence. Agents and vendors will agree a reserve price before the property is entered into the online auction and successful bids will be binding on the buyer.

Only properties represented by estate agents, lenders and developers will be permitted on the auction platform located at Zoopla.co.uk/auctions. Private sellers will not be able to participate.

Alex Chesterman, chief executive officer of Zoopla.co.uk, says he considers online bidding as the future of property auctions.

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