Posted on 27th March 2019 by michelegettins
As we approached our tenth year, the pressure was on to maintain our consistent rate of success. 2018 was all about investment in people, technology and our partnerships. Our aim was to grow our client network and help more agents generate more revenue. So when the EIG results were published seeing recognition of our success and achievements was a nice reward for all the hard work.
Of course we realise we couldn’t have done any of it on our own, so we want to take this opportunity to thank our 2,300 strong Partner Agent network who continue to support and trust iamsold.
We are top of the league
The EIG results showed it was a tough year for the auction sector, highlighting a 14% decrease on sales from 2017. Despite this iamsold showed steady growth in auction room sales and are proud to be named top independent auctioneer for residential lots sold in 2018.
Now 4th in the league of 12 auction houses, based on an annual increase in capital raised, we offered more lots for sale than other auction houses, resulting in a 10% increase in room sales.
We continue to dominate the online market, gaining 58% market share in capital value, having raised a total of £137,640,428.
More people are choosing online auction
Our sustained growth from our online and room auction sales, indicates market changes around conventional selling methods of buying and selling properties. We have seen an increase in the number of vendors choosing online auction selling for a variety of reasons, namely the accessibility the market offers to residential buyers, opening up a larger market of interest and activity which ultimately supports the vendor to sell.
Our online auctions continue to provide solutions that meet a range of customer needs and circumstances. These include fixed yet realistic timescales, completing on average within 44 days, that’s 85 days* faster than the private treaty market. Our fast completion timescales are proving to be attractive for those needing to sell and move quickly.
We know a lot of sellers are fee conscious which is why we offer 0% commissions to sell. We also know fall through rates are rising, which is why we deliver added security with a 95% completion rate.
More and more sellers are finding auction a quick, secure and cost-effective way to achieve the best possible value for their property.
Not only are more people choosing to use auction, their experience is usually a good one that they are willing to recommend to others. Our annual Customer Survey results show that in 2018 iamsold had an 87% recommend rating.
How have we remained successful?
We have always prided ourselves on our service, which is why we have continued to grow our offering, having introduced several key initiatives and technology advancements to support our partners in 2018, which has in turn helped them to grow their auction business.
This includes moving to a no sale no fee auction pack model, which has given our partners more potential to increase their instructions, as vendors are now only charged upon successful completion. We also launched our partnership programme to respond to changing market needs for greater choice, flexibility and a more tailored service. We always strive to go above and beyond to deliver exceptional levels of customer services.
We continued to invest heavily in our people and infrastructure over the last twelve months, allowing us to capitalise on the growth potential in the online marketplace. Our comprehensive training is enabling our Partner Agents to successfully integrate auction into their business model, and the dedicated account management support we provide, ensures we continue to help our partners and customers through every stage of the sales process.
The stats that matter
I hope reading this has given you a useful insight into auction and how iamsold, and our agent network, has continued to see exciting growth and success.
Auction Managing Director
We are currently looking to grow our Partner Agent network.
If you want to add an additional revenue stream to your business, and provide more choice to your customers, get in touch today.
We would love to welcome you onboard and make 2019 even more successful.
*TheAdvisory’s ‘Time to sell’ benchmark study 2018
If you’re interested in Property Auction, and would like to learn more about the services we offer, get in touch now
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