Searching online for properties to rent is the most popular and convenient way of finding a new place to call home, if only the rental prices could be negotiated or bid on, in an auction style. In the UK, thePropertyBid.com has made this possible.
Founded in 2010, thePropertyBid.com is a unique auction listing and bidding platform featuring residential and commercial properties available for rent in London.
Bidding for a property is quite easy and familiar to anyone who has used eBay or a similar auction website.
Visitors search through thePropertyBid.com’s database of available properties, which are offered by landlords, letting agents, builders and developers. These consist of flats, townhouses, homes or commercial buildings. If a property is selected, one must registers his/her details on the site, makes a bid on the property from a PC or mobile device and then follow the live auction, increasing bids or simply watching them until the auction closes.
If the potential tenant is successful in acquiring the rental property, he/she is then charged a ‘holding fee’, which is 5% of the monthly rent amount (e.g. 5% of £1000 = £50).
Why should a landlord use thePropertyBid.com? thePropertyBid.com is convenient to use for landlords or agents as well. They have control over, the setting of a minimum starting price for the rental, writing the description of the property and the duration of the auction. Also, posted properties are likely to receive a successful bid which is actually significantly higher than previously anticipated.
It’s free to list any property; however a one-time fee of 20% of 1 month’s rent is applied at the end of any auction which ends with an amount equal to or above the reserved amount. (e.g. 20% of £1000 (final monthly figure) = £200).
User feedback has been very positive, so much so that thePropertyBid.com received the 2010 Landlord & Letting Award. Currently listings are only available in the London area, but the company promises to soon expand its services to the rest of the UK.