Rightmove is developing a new digital feature for the Modern Method of Auction (MMoA) to help agents who would like to offer clients the option of this method of sale.
Technical work is currently underway with auction provider iamsold with a view to launching in the spring.
The new feature is designed to give agents an additional route to market to offer to their existing and prospective sellers, and to help differentiate MMoA on the property website.
As part of their commercial agreement, Rightmove customers who are part of iamsold’s partner network will benefit by automatically having all of their relevant listings on the portal enhanced with information explaining how the MMoA process works, and real-time information about the latest online bids on the property added to these listings via an API from iamsold.
Also as part of their new collaboration, agents who do not currently have an auction service will have the option to sign up to iamsold to offer this to their sellers.
Further content explaining the MMoA process will also be promoted on Rightmove with the aim of helping educate buyers and sellers on the option.
Rightmove’s agency director Dave Anderson said: “We want to help give agents more choice to offer their clients, where they think this method would suit their sellers’ needs. We’re excited to be working with iamsold as our first auction provider for this feature and hope that by differentiating these listings on site it will help educate buyers and sellers about the Modern Method of Auction, so that they know there are different purchasing and selling routes available to them from agents.
“We also hope this may open up more routes to property transactions for agents who may not currently be using an auction provider or who do not have their own auction service.”
iamsold’s managing director Jamie Cooke added: “It’s our goal for the Modern Method of Auction to become a mainstream way of moving, allowing buyers and sellers more freedom of choice when it comes to the method best suited to their circumstances. Working with Rightmove is a huge step in the right direction for MMoA and will introduce it and its many benefits to the site’s vast audience.
“The volume of MMoA transactions is increasing every year. More agents are offering it and benefitting from faster and more secure sales, while movers are choosing MMoA for its speed, security and transparency, which have become more important than ever in today’s market. As the category grows and through our Best Practice Guide, we continue to champion transparency. We’re highly passionate that all consumers should be given a fair and consistent service, giving them a positive experience of MMoA.”