BidX1, a digital property investment platform, and Foxtons, have announced a strategic partnership which will see BidX1 become Foxtons’ exclusive auction partner.
The two firms initially joined forces in February when Foxtons began listing selected properties in London and the South East on BidX1’s digital platform. Following the success of that early collaboration, with more than 40 joint sales and approximately €20m in total sales value, the company’s are now embarking on a longer-term partnership.
BidX1 currently operates across five markets – the UK, Ireland, South Africa, Spain and Cyprus – combining established real estate expertise with proprietary technology.
Stephen McCarthy, Founder & CEO at BidX1, said: “We are delighted to be working with Foxtons, whose property expertise is combined with a strong track-record of innovation.
“The demand for a more modern, digital approach to property sales is growing exponentially, a trend which has been accelerated by the Covid-19 pandemic. We are the market-leaders in this space, having developed the most advanced property transaction platform in Europe.
“Our model has mitigated against risk for both vendors and investors because the full transactional process can take place digitally. The platform provides certainty in terms of deal execution, transparency throughout the entire process, and powerful real-time data to inform decision-making across the full sale cycle.
“Combine this with our platform’s global investor audience, who are actively seeking cross-border investment opportunities, and it’s clear that we are uniquely placed to complement the expertise and experience of market-leading firms like Foxtons.
BidX1 already has a strong network of partnerships across its other markets, most notably with property giant Pam Golding Properties in South Africa. PGP boasts a network of 2,000 agents working in over 300 offices across the continent, completing approximately 10,000 transactions annually.
John Ennis, Managing Director – New Homes & Central London, Foxtons, added: “We wanted to partner with a company who shared our value of using technology to serve customers better, and who would be able to offer our buyers and sellers a viable alternative to private treaty sales. We’re pleased to have seen many successful sales through our partnership with BidX1 to date, and we look forward to working with them going forward.”
You can view the current property list here.