Member Article

Property Auction Directors Receive Entrepreneurial Recognition

Newcastle based property auction company, iam-sold have been shortlisted as finalists for the EY Entrepreneur of the Year Awards 2015 for the North region. The awards hosted by Ernst and Young, a leading global professional services organisation, announced the finalists earlier this week and have invited all to the North Region Awards Dinner this summer.

Directors Ben Ridgway and Jamie Cooke were nominated for the award after starting their journey five years ago, setting up iam-sold as a two man team and have since grown their workforce to 74, with 12 new members of staff joining the company in 2015 so far. In 2014, the company sold over 1750 properties through their Modern Method of Auction, resulting in excess of £153 million in capital value during that period and paying their partner estate agents £4.6 million in fees.

As the company has grown, so has their partner estate agent network; with over 800 branches across the UK providing an auction service to potential clients looking to sell their property. The auction method iam-sold offers is different from the traditional auction, with longer timescales to exchange and complete the sale, a more secure process and the option for the seller to set a reserve price so they only sell the property for a price they are happy with. These benefits and many more are the reasons why the Modern Method of Auction is becoming more popular on the market and is key to the successful growth of the business. Ben Ridgway, business development director commented:

“Almost 40% of our total sales since launch have taken place in 2014 which shows that auctions can play a role within an estate agency in a rising market place. Furthermore with some of the other players in the industry starting to utilise our Modern Method of Auction, it shows we are no longer the new kids on the block and that the traditional auction is not always the best advice to offer clients who want a fast or secure sale.”

On being shortlisted, he said:

“Obviously we are flattered to see our development of the business so far and our ambitious plans for growth in the future recognised in this way, although I’m sure there will be strong competition so I won’t get too excited yet!”

iam-sold are the UK’s top 4 auction house (based on EI Group 2014 conversion rates) and have had an 84% average sales conversion rate for the first quarter of 2015, demonstrating that their Modern Method of Auction is becoming more and more desirable on the property market.

iam-sold and the directors look forward to the announcement of the winner of the EY Entrepreneur of the Year Awards 2015 on 23rd June.

For all other information, please contact Leanne Radford on 0845 5193 126 or Leanne.radford@iam-sold.co.uk

This was posted in Bdaily's Members' News section by IAM Sold .