New online estate agency gets ready to launch offering sealed bids

A new online estate agency is getting set to launch, offering a sealed bidding process.

SealedBid will concentrate on new and refurbished properties at the top end of the market and will initially target property developers in London.

Vendors will be able to list their properties on the website, which says it will then market the property “utilising a wide industry network”.

Buyers will have to pass a verification process before being able to submit a sealed bid. An email is sent to their solicitor together with the contract details, confirming they are who they say they are, have passed money laundering checks and have the funds available.

Just three weeks on average will be allowed for bidding, with the exact closing time and day known from the outset.

Once bidding closes, the winner will have exchanged contracts with completion possible within days. All bids must be “in excess of” the reserve price.

Vendors can choose between paying 1% or £5,000 plus 15% of the uplift from the reserve price.

Behind the business is founder Danny Jay, who describes himself as an entrepreneur and disruptor.

Also in his team are conveyancer Justin Selig, who was until last year a co-owner of eviction firm Landlord Action; and London estate agent Jeremy Rosenblatt, currently a director of Vantage Private Office.

Jay said that his team is currently investigating requests from developers to market their properties.

He said: “Each property has to be carefully selected according to SealedBid Property’s brief.

“Our audience will be looking for luxury, new/refurb, high-end residential properties, with a value of over £1m. We therefore need to ensure that each listing matches this description.”

Jay said that the SealedBid gives no opportunity for the sale to fall through.

Asked if three weeks was really long enough to go from first marketing to exchange, he said it would be sufficient because documentation such as searches and plans could be uploaded on the site.

However he added that the three-week period was not set in stone if the vendor wanted a longer period for marketing and bidding.

Jay said: “Another idea we came up with was a viewing period of say two weeks and a bidding period of three weeks, ie a total of five weeks.  Either way, it is flexible.”

He added: “Estate agents have been selling property the same way for 250 years – it has not changed in all that time. Maybe SealedBid can help transform the industry.”

Read the original article by Rosalind Renshaw

World’s First Platform for Sealed Bid Property Sales Launches from UK in January 2018

  • Online estate agency SealedBid Ltd will be the world’s first platform to facilitate online sealed bids in residential property market
  • New approach ensures at least minimum price is achieved every time
  • Reflecting a physical auction, once bidding closes the sale can be complete within a matter of days
  • SealedBid set to be the next big thing in the UK’s property industry

PropTech start-up SealedBid is set to transform the property industry with a new ground-breaking platform that offers sealed bids on properties at the top end of the UK residential market.

SealedBid is designed to ensure that the minimum asking price at least is achieved every time. By accepting the highest bid at the time of closing, vendors have an increased chance of being offered more than the initial asking price.

Targeting property developers who own land in London, SealedBid offers a safe, certain and swift process for both vendors and buyers. All purchasers have to pass a verification process before they are able to submit a SealedBid and the entire bidding process is electronically recorded providing a detailed history of the full sale. Once bidding closes, the winner will have exchanged contracts and the sale can complete in a matter of days.

All sellers have to do is list their property on the SealedBid website. The experts at SealedBid then market the property utilising a wide industry network. Once buyers have completed the verification process they can place their bid and if won, the property will be legally theirs.

SealedBid marks a major evolution in the property industry where estate agencies have traded the same way for 250 years.

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New online agency SealedBid targets high-end buyers and sellers

An online agency which claims to be the first in the world to be dedicated to sealed bid property sales, is to launch in January.

The site – SealedBid.Property – is aimed at developers and private owners of high value properties in London and the south east who are willing to put their homes through a three week auction process.

The homes for sale are advertised on the SealedBid website and on Rightmove and Zoopla; the auction for each property is open for three weeks.

Danny Jay, one of five directors of the company, told Estate Agent Today that listings are entirely free but a fee is payable when a property sells.

“Option two is to pay £5,000 as a flat fee and then 15 per cent of the uplift we achieve beyond the reserve price. So for example if the reserve is £1m and we sell for £1.1m, it’s £15,000 plus £5,000” says Jay, a business entrepreneur.

Once buyers have completed the verification process they can place their bid and if won, the property will be legally theirs, he says.

The agency is brand new, starting work this week with press publicity and then the firm’s five directors – one of whom has agency experience having worked with Hanover Residential – will next week begin recruiting sellers’ properties.

The website will have its formal launch in the new year; in addition to publicity on the two main portals, it will rely on extensive social media publicity to generate interest in specific properties.

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