Rental bidding website launched: UK

Jennifer DukeDecember 7, 2020

A new website has been launched that encourages tenants to bid on a rental property in a traditional online auction format.

The website, AuctionLets.Com is a UK-based website that has only just been launched, and managing director Spencer Rose thinks it will become an industry standard for property rentals.

Properties come with a description, a rental reserve price, a start bid and a 'maximum bid' style offer, and a 'rent it now' option, reminiscent of sites such as eBay.

There is a  £72.00 Referencing Check fee from the site for each tenant/occupier, and tenants are required to have viewed the property before bidding.

The bids are legally binding for tenants.

UK investment site, Property Investor Today, said that over 500 landlords expressed interest in the site within 24 hours of announcement.

In Australia, however, rent bidding is generally illegal. In the Northern Territory it is not considered against the law.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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