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One to watch for the future

publication date: Apr 2, 2012
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Jonathan Ambrose has launched the UK’s first rental property auction service.

Landlords and letting agents may upload their available properties and potential tenants may make a bid on how much rent they can afford/wish to pay.

thePropertyBid.com aims to address the increase of gazumping amongst tenants, in the rental market.

“Our system will make the whole rental process completely transparent, so that prospective tenants can bid on a rental property in an open auction format that is managed by the landlord or letting agent,” says thePropertyBid.com’s founder, Jonathan Ambrose.

“thePropertyBid.com is all about making the process fairer, and while critics may suggest rental auctions will drive up rents in an already overheated market and be slanted towards landlords, the reality is that tenants will only bid what they can afford in their budget,” Jonathan says.

Rather than tenants having to attend property showings, making enquiries, and then being disappointed when a property is let to someone else for unexplained reasons, thePropertyBid.com can be accessed 24/7 from their own homes, office and mobile devices. It also claims to ensure that applicants are reference checked before they are allowed to make a bid.

Letting agents and landlords create their property auction online, listing it according to search categories, price and description.

Once the auction has finished, both parties are notified and are then required to pay a small commission fee on the achieved monthly rent amount.

As PROPERTYdrum goes to press there are only three properties on the site, but with the seemingly insatiable appetite for arranging our lives online, this new initiative is definitely one to watch.