My Auction was built for buyers, sellers, and estate agents to bring a fresh approach to property auctions by combining the best practises of traditional auction houses and taking them online to create a fair and flexible marketplace without the expensive fees and restrictive timescales of other online providers.
With My Auction, the seller sets their reserve figure and if the bidding reaches or exceeds this figure when the auction closes, contracts will exchange immediately with the buyer paying a non-refundable 10% deposit. This provides buyers and sellers with a quicker, more secure, and transparent method of sale than any other.
My Auction’s technology ensures that every bidder is pre-qualified and money laundering checks have been carried out before they are able to bid – adding another level of security to the sale/purchase.
These benefits, combined with a lower fall-through rate than traditional private treaty sales, are causing selling via auction to become the preferred method for thousands of property owners to buy and sell.
How did you come up with the idea for the company?
I began my career in the property industry as an Estate Agent and then moved in to working for various traditional ‘ballroom’ auction houses. Within this role, I was in the room with 400 people at one time before then working with a national online auction house solely selling properties across the UK.
From this experience, I could see that the process could work better and that auction houses could embrace technology to modernise the process, increase accessibility and make it as straight forward as possible for buyers. My Auction is a combination of the best practices from agency, live and online auctions I have learned over the years with the removal of the elements I deem unfair or inflexible to both buyers and sellers.
What makes My Auction so unique is that we understand every client has their own personal reason for selling, or buying, so we work closely with them to guide them through the process and provide bespoke advice and personal support to achieve the best desired outcome.
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How has the company evolved over the last couple of years?
We launched just four months before the pandemic hit in March 2020, so it’s certainly been steep learning curve. However, we have been committed to constantly developing and strengthening our offering for all parties.
We are constantly looking into new PropTech as well as different ways to service clients. I’m now on the Propertymark Board for the National Association for Valuers and Auctioneers and we have an ever-expanding network of estate agents we work with. We’re really excited about where the industry is going and where we can take My Auction.
As we see more demand coming through as homeowners realise the potential of auctions, we’re looking forward to expanding the team and strengthening our offering even further.
What can we hope to see from My Auction in the future?
The popularity of auctions is growing all the time and we see a real opportunity for My Auction to also experience exponential growth!
The main thing I love about auctions is the fact we get to genuinely help people. I get a real sense of satisfaction when I can help someone solve a problem which then allows them to close one chapter of their life and open a new one. We want to be the number one choice for solicitors and executors when they have a property to advise on where we can give honest and unbiased advice to everyone involved.
