Foxtons enjoys success with auctions experiment

Foxtons has said that its partnership with MMoA auction site BidX1 has enabled vendors to sell in 45 days on average. The London agency says sales via BidX1 take 45 days and achieve 8% over the marketed auction sales price via the ‘modern method of auction.’ “For a property sale, 45 days is lightning fast. It’s ideal for those who are motivated – maybe by a pending house purchase or new job – but don’t want to sacrifice on price,” says Alex Isidro, who is the Foxtons divisional manager tasked with handling the BidX1 relationship. Our goal in making online auctions more accessible is to give our customers the tools to speed up their transactions.”

The Negotiator