The Guild of Property Professionals has announced the sale of its first property through Guild Auctions, a new white-labelled offering powered by IAM Sold.
The Guild of Property Professionals announced the partnership in June.
The property, in the north-east, sold for £875,000 through Guild Member Dobsons.
As a result of this sale alone, Dobsons will collect a commission of over £18,000.
With Guild Auctions’ self-billing arrangement, they will receive the commission before August 21 directly from The Guild.
Under the system, each property is listed for four weeks and potential buyers are invited to participate in a virtual auction to sell the home.
Guild CEO Iain McKenzie said: “I’m really pleased with the first sale and would like to extend my congratulations to Dobsons on a job well done.
“I am sure this will be the first of many homes sold through our online auctions service.”
Comments (4)
5% buyer’s premium = £43,750 (I believe this is split equally between IAmSold & the agent). The buyer factors in the buyer’s premium when bidding so arguably the vendor could have come out much better off if they had used a company such as Auction House and paid commission (say 1.5% + VAT = £15,750). Arguably £28,000 more could have ended up in the vendor’s pocket.
Think its 3.5%
Also from what i understand (i maybe wrong) iamsold is more proactive with the agent marketing in a traditional manner, Auction House its a little more reactive as opposed to proactive.
Given the Guild has a large network of offices to put this thorough they may well have got a higher sale price.
Listed for 4 weeks …. ( probably online! ) remind me again what estate agents do for their money ?
Generated the seller £875,000!