Auction Lets

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Auction Lets

Postby Nick » Wed Oct 30, 2013 1:42 pm

F C C Paragon are launching a new way of letting properties, you don't set a rent, you rent to the highest bidder

AuctionLets.com is a new website that allows fully pre-qualified, referenced tenants & landlords to come together in an 'auction' market place using a similar process to one of the world's most popular auction websites that will be familiar to both landlords and tenants.

All properties marketed by Rightmove

All tenants are pre-qualified and referenced

Rent Collection Service

Inventories + Check in & Check outs

Deposit Scheme operated under the supervision of the Law Society

Rental Warranties

Landlord Insurance

Accompanied viewings if required


Will this work?

I think that there may be a problem over the amount of time available for the auction process.
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Re: Auction Lets

Postby LisaOrme » Wed Oct 30, 2013 10:51 pm

They do this in Australia; I contemplated setting up this very business idea about 5 years ago!

I think its a great idea.
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Re: Auction Lets

Postby LisaOrme » Wed Oct 30, 2013 10:52 pm

Ok scratch that - they did do in Oz!

http://www.theaustralian.com.au/archive ... 1113071014

Wonder if same will happen here!
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Re: Auction Lets

Postby Nick » Wed Oct 30, 2013 10:59 pm

I just don't see the timing working, the maximum any property is on the market for before a void, is 1 month but often in practice it is less and a LL is looking to fill a property in a week or 2. Auctions need time, most eBay Auctions are 7+ Days, and that is without the requirement for tenants to view.
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Re: Auction Lets

Postby LisaOrme » Wed Oct 30, 2013 11:23 pm

I think like any auction the point is to get a higher price than you might on the open market.
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Re: Auction Lets

Postby Ahmwaah » Sun Dec 22, 2013 1:32 pm

I assume there is a reserve anyhow?

I think one of the best ways to increase the price is to increase competition.

There is always that tenant who is just fed up for searching and not getting anything that they'd pay that little bit more.

You put them in competition with all the other perspective tenants and more often than not they will pull out all the stops :D
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