A new way for landlords to let their property has launched this month, providing an innovative alternative to the traditional lettings model.
Using a process similar to one of the world’s most recognisable auction websites, Auction Lets is dedicated solely to landlords and tenants.
After over 500 landlords expressed an interest in the concept of the site within 24 hours of its announcement, the complete site subsequently launched in full on the 14th of January.
As property auctions have become a popular property sales platform, Auction Lets is bringing the concept of a rental auction to the internet. To increase exposure all properties on the site will also be marketed by Rightmove.
The simple idea behind Auction Lets is that landlords upload their vacant property whilst pre-qualified and referenced tenants browse and bid to secure the rental of a property.
Furthermore, the site is offering tenants the opportunity to benefit from access to the UK’s first portable online referencing, which is valid for 90 days.
Auction Lets have confirmed that all bids are legally binding and that tenants are required to set a price range as well as only being able to be the current highest bidder on one property.
The process is aiming to offer a safe and secure way for landlords to let their property directly to tenants without the use of a traditional letting agent.
Founder of Auction Lets, Spencer Rose, commented: “AuctionLets provides all the services of a traditional high street agent for a fraction of the cost. It also allows the letting process to be totally transparent to both landlords and tenants, giving both parties greater control”.
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