Outsourced auction management provider IAM Sold is now working with the UK network of Fine & Country.
Although the full roll-out will not begin until 2018, IAM Sold secured its first sale for Fine & Country last week, achieving a remarkable 84% over the £850,000 starting price on a four-bedroom detached house in need of … well, quite a lot.
The property, in Longfield, Kent, is set in about 3.5 acres and attracted 21 viewings and 34 bids, selling for £1.562m.
From next year, IAM Sold will be working with all of Fine & Country’s 200 UK offices, enabling them to offer its bespoke auction solution to clients where appropriate.
Jamie Cooke, managing director of IAM Sold, said: “We’re delighted to be working with such a renowned estate agency brand, and pleased that its first property sold through our auction service attracted a high amount of attention and phenomenal sales price.
“It just goes to show how choosing the right sales strategy for a property can help it to achieve maximum value – great for both vendor and agent.
“The transaction is a record for IAM Sold in terms of sales price achieved, but with our rapid expansion in the south of the country, we expect to see more sales in these kinds of price ranges.
“Much like auction in fine art and antiquity, it can be the best route to sale for items that will be in high demand or are rare to come to market.”
Fine & Country CEO David Lindley added: “The modern method of auction is no longer reserved for homes at the bottom end of the market.”
The property – ramshackle but with development potential – had been marketed by Fine & Country firm Clifton & Co. It is still listed as Sold Subject to Contract, with the modern method of auction being conditional and allowing time for completion on the fall of the electronic gavel.