What is BidProp.co.uk?

BidProp.co.uk is a new online property auction website that works with estate agents, developers,
auctionners, and financial institutions to accelerate the sale of residential properties across England 
and Wales. This site has been designed specifically to work with professional sellers like you and does
not allow For Sale by Owner (end-users).

BidProp seeks to become the sales solution for those properties that you may need to move
quickly and works as a compliment to your existing sales channels. Our online format provides an
easy to use, effective and transparent process that surpasses traditional auctions, and which is
developed to supplement and improve your existing sales. For sellers looking for a complete sales
solution BidProp can also undertake the viewings and supply the relevant documents.

The site targets motivated sellers, but not necessarily desperate ones. All properties offered on
BidProp.co.uk are required to have discounted minimum reserve prices as compared to the current
asking price, and we would strongly suggest that you accept a minimum reserve price of 10%
below current listed price or RICS valuation.

We work with you directly as a professional seller, or with your existing estate agents and will charge
no additional sales commissions. BidProp.co.uk will jointly market your property using the main property
portals with any existing agent that you may use, and it’s at your discretion whether you want to market
the lots under your own name.  

General Questions about BidProp.co.uk?

Why would I list a property on BidProp.co.uk?

The current market remains challenging for owners and intermediaries alike; our auction style process
has the following clear advantages:

1. A low starting price compared to current listed price generates strong interest from potential end-users
   and investors alike and helps reinvigorate interest in a property that has been on the market for a long time.
2. The limited time-frame of the auctions process, 7, 14 or 21 days in duration, also compels interested
   parties to make a decision now, instead of later about the property.
3. BidProp commits to undertake significant marketing to establish ourselves as an essential site for
   end-users and investors, providing your uploaded properties with great exposure online and in the press
   (and further enhanced by); our online and traditional PR campaigns, targeting local as well as international
   buyers.
   As part of our launch we will send an email campaign to over 50,000 home buyers and investors looking for
   properties!
4. The properties uploaded will be featured on property portals and seek to build an extensive online presence.
   Attracting a large pool of serious buyers (end-users and investors) and attracting a wider audience then your
   traditional auction buyers we look to achieve optimal results for you.
5. You as the sellers or their representative remain fully in control of the relationship with potential buyers and
   the property is co-marketed with the agent (or with the relevant builder/developer).
6. BidProp.co.uk provides a seamless effective and transparent platform for buyers, providing: mortgage brokers,
   surveyors and a panel of solicitors to undertake conveyancing.
7. The low cost -  You could use us for free!

 
What are the costs associated with using BidProp.co.uk ?

• As a seller taking care of your own viewings we currently offer you to list with us completely for free, provided you
  have photos, HIPS and floor plans. If you are an agent your sales commissions remain intact as agreed with seller. Importantly, it remains your contact details that sit along the listing.
• If you require as to take care of viewings we charge a sales fee of 0.5 per cent of the achieved sales price.
• We can also provide HIPS, photos and floor plans for a small additinal fee. 

Who will take care of viewings and upload the property details into Bidprop’s auction system?

• You will upload the property details (floor plans, HIPS, photos and description) into our system
  using the login details. This is very easy process and should not take more than a few minutes.
• If you don’t have these required documents available we will have these documents compiled
  for a small fee.
• Sellers’ solicitor details are also required and we will then ensure that the relevant land registry
  and title documents are made available online.
• If there is no agent involved and you don’t have sales staff to take care of viewings and other
  queries, we will happily do this for you. We charge a sales fee of 0.5% per cent of the price
  achieved.

How long are properties listed for bidding on BidProp.co.uk?
Properties are generally listed for a bid period of 14 days. You as the agent/seller may choose between
7-, 14- or 21-day auction timeframes.

What makes the program successful?
There are two requirements to a successful sale on BidProp.co.uk and they are: Firstly, a Motivated Seller,
and Secondly, Great Marketing Exposure. If your seller is unrealistic on pricing, you will not be successful
on our site. Assuming you have a realistic seller you will receive significant exposure by using our system
and launch campaign.

How does BidProp.co.uk get paid?
BidProp.co.uk charges a fee to the Buyer of the property, called a Buyer´s Premium or Internet Transaction
Fee in the amount of 1%. This fee is calculated based on the purchase price of the property.

Why would someone pay a premium fee to purchase on an online auction site?
BidProp.co.uk is primarily a discount property site, not a retail venue for properties; therefore, buyers on
the site are willing to pay a 1% fee if they are getting a discounted value on their purchase.

Does my seller have to accept the highest bid offered?
No, all properties are sold with an "undisclosed" minimum reserve price (agreed with the seller). The only
prices the public will see are the Guide Price and the Starting or Actual Bids. The reserve price remains
confidential until it has been exceeded during the bidding. At which point, all bidders are notified by the
system via email that the reserve has been met. This creates heightened competition among the bidders.
But once the reserve price has been met, the sale will go through. A small reservation fee is then deducted
via credit which acts as and exchange of contracts.

What do I do about offers outside the auction process?
Once a property is listed for auction, ALL bids and offers are required to be placed on the website to foster
competition, therefore, there are NO offers that will be considered "outside" the auction process.

What If I am a builder and don’t want to list properties under our company name on your site?
We work with you directly or with your existing estate agents and will charge no additional sales commissions.
BidProp.co.uk will jointly market your property using the main property portals with any existing agent that
you may use, and it’s at your discretion whether you want to market the lots under your own name. 
 

Can I withdraw a property from the bid process after it begins?
After listing a property on BidProp.co.uk it must be left on the site for the full Duration of the auction or a
withdrawal penalty will be applied to the listing party, which is based on the transaction fee (1%) of the agreed
reserve price and due within 30 days of the date the property is withdrawn from BidProp.co.uk Should you
nevertheless wish to withdraw the property it is critical that you notify us as soon as possible.

As an estate agent should I get my seller to agree before placing the property on BidProp?
Yes, since a discounted price is required by the system, each agent should get a listing addendum signed by
the seller that states, "I agree to have my agent place this property up for competitive bidding online and I
agree that I will accept any bid at or above my reserve price of £(price)." This step will provide additional
protection for the agent listing the unit. You can view this agreement under T&C.

What if the reserve price is not met during the duration of the auction?
If the reserve price is not achieved, you have the option to leave the lot for a ‘post-auction’ negotiation period,
which can last up to seven days. During this period we accept offers and will communicate these to you, you in
turn can accept or refuse the offers, should you accept the normal auction condition will apply.

How do I get started and enter a property?
You must first Register as a Seller/Agent. We refer to the agent, builder, administrator or fixed charge receiver
as the Seller of the property. We at Bidprop do not contact your seller/owner or interfere with this relationship.
Click here to register.