ZOOPLA MEMBERS ‘SOLD’ ON MMOA PARTNERSHIP WITH UK MARKET LEADER
3rd December 2020
Zoopla has seen over 100 of its member agent branches expand their services by selling properties via the Modern Method of Auction (MMoA) through its industry-first partnership with iamsold, the UK’s largest residential property auctioneer.
Since the partnership launched to Estate Agents in the summer, over 100 new branches have joined iamsold to sell properties via the MMoA, with demand from vendors for quick and secure sales continuing to rise.
So far, these agents’ early MMoA sales have raised over £800,000 in capital value for vendors and earned £31,000 in agent fees. A further 200 branches are in the later stages of signing up to be onboarded to iamsold in the coming weeks.
The MMoA offers a major growth opportunity for Estate Agents, especially in the current market, as vendors are relying on its benefits of speed, security, and transparency more than ever. This is in part driven by lifestyle changes brought on by Covid-19, and in many cases to stand more of a chance of making the Stamp Duty deadline. So far this year, iamsold’s online auction sales are up by almost 12 per cent compared to the same period in 2019.
The partnership is also educating consumers about the benefits of buying and selling property via the MMoA. Although the MMoA is a lesser-known method amongst UK homeowners, 46 per cent* said they would be likely to consider it if they had all of the details about how it worked.
Jamie Cooke, Managing Director at iamsold, said: “We’ve pioneered the MMoA and it’s our goal for it to become a mainstream way of buying and selling property in the UK. There are clear benefits for Estate Agents and it can be a lifeline for vendors relying on a quick and secure transaction, which Private Treaty can’t always promise. Zoopla’s backing to join us in driving forward this positive change is invaluable. Not only is it expanding our network of Partner Agents and auction champions, it’s hugely contributing to the work we’re doing to change the perceptions of auction to grow its market share even more. It’s an exciting time for auction.”
Andy Marshall, Commercial Director, Zoopla, said: “We’re delighted with the positive results our agent partners have already enjoyed working with iamsold. The feedback we’ve received from agents suggest for many the MMoA represents a real opportunity to grow and diversify their revenue beyond traditional sales.
“We are committed to being the agents’ champion and the MMoA, with its faster sales, higher completion rates and increased rate of return, is the perfect way for agents to capitalise on the busy market. An increasing number of agents are realising these benefits and we’ve no doubt this will continue to grow as we head into what promises to be an exciting end to the year.”
Early adopters of the partnership to have joined iamsold’s network of Partner Agents include Michael Jones & Co (6 branches in the South East), AP Morgan (4 branches in the West Midlands) and Hilton & Fox (2 branches in London).
Awais Ahmad, CEO at AP Morgan, added: “Vendors’ needs have changed since the first lockdown and the market is even more competitive when it comes to winning listings, so offering the MMoA will help us to stand out and sell vendors’ properties best suited to their circumstances. We were already familiar with iamsold as market leaders in the provision of the MMoA. Their solution allows us to effectively run our own auction department, giving us all of the benefits without having to pay for the infrastructure, resourcing costs and set-up. The team has been very helpful in getting us up and running, and we’ve already had our first MMoA listings.”
Zoopla members can find out more about the benefits of auction and register their interest in working with iamsold via https://advantage.zpg.co.uk/products/auctions-with-iamsold/.
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