MyBid4It is reeling in traditional estate agents

There's another online auction platform that has recently launched its bidding site to persuade traditional real estate agents to upgrade with the rest of the sector and modernize.

MyBid4It has been launched by a former Yorkshire estate agent, Charlie Lancaster, and joins companies like sector leader IAMSold.

The company says its new platform offers sellers and buyers “a fully transparent sales process” and says that with “upfront information available” buyers can make informed decisions on their purchase.

“Sellers meanwhile, will benefit from lower selling costs, whilst also reducing the risk of sales falling through, due to this modern method of sale” the firm claims.

“As an ex-estate agency owner, I have experienced the frustrations of the sales process through many buyers and sellers and I wanted to improve this for the industry as a whole” explains Lancaster. 

”We can now offer more transparency, lower fall through rates and shorter completion times for agents and their clients alike” he continues.

The MMA system is considered highly lucrative for some agents and operators: in November IAMSold said that it generated £10.6 million in fees for agents in the 12 months to the end of October, on a £19 million turnover based on 3,300 completed sales.

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