Wednesday, October 20, 2021
UK

Firm involved in MMoA says public needs to be educated

Auction

A statement from Iamsold refers to a survey assessing public awareness about the MMA process

The largest company involved in the controversial Modern Method of Auction says it’s producing a “disruptive digital market campaign to address the common misconceptions” surrounding the process.

Iamsold claims the MMA market is growing but could double in size if people were not under what it calls “myths and misconceptions” surrounding such auctions.

It says these are that “I don’t understand it, I can’t afford it / you have to be a cash buyer, it’s too risky / stressful, and it’s not for my type of property.”

The campaign will have the tagline ‘Quit your jibber-jabber’ and is described as being about replacing myths with facts.

There will be videos, social media contents, web banners, digital brochures and posters to be displayed in branches of estate agencies using MMA with Iamsold.

A statement from Iamsold refers to a survey assessing public awareness about the MMA process – the company does not say how many people were involved in the survey.

Jamie Cooke, Iamsold’s managing director, says: Our survey findings show that the MMoA market could almost double, and it could very realistically become a more mainstream way of buying and selling property, which has always been our goal.

For this to happen, we’re calling for all our Partner Agents to get involved and support our drive to reach homeowners with the facts about auction in order to bust the most common myths that currently exist. We’re providing agents with all sorts of tools to educate at a local level across their customer base, to encourage open conversations about auction, Cooke said.

Last year a conveyancing firm in the Bold Legal Group warned buyers and conveyancers to be ”wary” of the Modern Method of Auction because of the fees attached to the process. At the time the conveyancer said: We are coming across more and more properties being dealt with in this manner and there are a few well known estate agencies where this is becoming the norm.  Clients and their lawyers really need to be wary as buyers pay a non-refundable ‘reservation fee’ – usually a percentage of the purchase price.

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