Allsop Space, who revolutionised the property auction market here in 2011 with their monster quarterly auctions at Dublin venues, are looking to do it again in an online format.
Allsop Space will host Ireland’s first fully online property auction, which they describe as “a world first”, on Wednesday, July 9th.
They have digitised the entire process, from catalogue to contract, including the signing of contracts. Based on the same technology employed by auction house Christie’s for its fine art and antiques auctions, the new online system has the potential to revolutionise the property industry.
To witness it first hand, though, you will need to put up €5,000 to pre-register through international payments provider Global Collect.
Users can begin bidding 24 hours prior to the auction's end, with an eBay-style countdown showing all submitted bids. If a late bid comes in towards the end of the countdown, then an additional two minutes will be added to the clock, with Allsop Space promising full transparency through independent verification provided by consultancy firm EY. When a property is purchased, the transaction is then completed with a digital signature, provided by An Post.
Commenting on the launch, Allsop Space's director of auctions, Robert Hoban, said that as far as he is aware they are the first company to offer such an end-to-end facility: "Auction.com is one of the biggest worldwide but it has no binding contract at the end whereas we will have PDF contracts generated upon sale, which will be digitally signed on behalf of the vendor and purchaser. "
A number of auctions held by Allsop Space have been disrupted by protest groups angry at the sale of family homes repossessed by banks.
In February after a protest at their Ballsbridge offices, Allsop Space signed an agreement with protest group Friends of Banking Ireland that no properties in future will be offered for sale where there is a legal dispute in connection with the proposed sale between the registered owner and the bank/receiver.
While it is unknown what the buyer appetite will be for the new sales process, Hoban said more than 300 bidders have already registered for the first online auction.
“This was developed in response to buyers’ frustrations with other sales methods and to embrace the digital age,” he said. “It’s aimed at enhancing our offering rather than replacing it. I’m not saying it’s going to be the answer but we’ll certainly give it a try.
“We started to develop this about a year ago because a lot of buyers were complaining that estate agents don’t provide evidence of other bids. This allows them to bid from wherever they are with full knowledge that everything is transparent.
“We’ve made a significant investment in this because we feel the market deserves it. We’re confident people will engage with it,” Hoban said.
The catalogue for the first fully online auction, on July 9th, is available on the Allsop Space website. There will be 22 properties for sale on the day, including a four-bed semi-detached house in Terenure and a two-bed apartment in Donnybrook.
