IAM Sold Property Auctions – A Year Ending Review

Posted on 21st December 2020 by shaunaforde

Despite a roller-coaster of a year, which saw us move all our auctions to our online platform, company directors Patrick Folan & Patrick Convey were delighted to announce a strong year for the property market. IAM Sold plan to continue with our monthly online auction dates in 2021 and will hold 11 auction dates in all four regions – Leinster, Munster, Connacht & Northern Ireland.

Company Director Patrick Folan noted “we were the first company to launch online auctions to the Irish property market in 2012 and our platform has been growing in popularity steadily since then. We feel 2020 was a landmark year for online sales in general with many customers becoming more comfortable with online buying and selling. Our online platform makes bidding easy for buyers while also giving the transparency and speed currently lacking in sales by private treaty. Throughout 2020, we as a company were in a unique position to be able handle some of the current challenges facing the industry. Our online platform allows buyers to bid from the comfort of their own home, as well as allowing contracts to be exchanged online making the transaction as simple as possible. These factors have meant we have had our most successful year to date despite the difficulties we have faced this year.”

During the first lockdown this year, restrictions were placed on the property industry, along with many other industries, which led to a limited number of transactions taking place. This led to significant pent-up demand once the restrictions eased and the viewing of properties recommenced  in June. Mr. Folan commented “Many properties had over 20 people looking to view so we had the challenging task of arranging a larger number of viewings while complying with all social distance guidelines and advice which came into place. While properties were experiencing high demand, we did see an increase in demand for more rural properties and also those in commuter distance to regional towns and cities with buyers looking for more space with a view to working from home.”

Our figures from 2020 showed that enquiry levels during the second half of year are, overall, significantly higher than the same period in 2019. This burst meant enquiry levels soared by approx. 60% during Q3 compared with the same period last year. However our auction team have also noted that in the last couple of weeks enquiry and viewing levels have stabilised to what would be a considered more normal level for this time of year.

Patrick Convey was keen to point out that, “while an increase in the viewing levels this year is certainly a positive for the industry after months of restrictions , we also note a degree of caution due to low supply of housing which may hinder the market next year. With high demand and low stock, now is an excellent time to sell and we would encourage anyone thinking of selling to get in touch sooner rather than later where possible.”

Mr. Convey continued “The success of our auctions is down to the large marketing campaigns we undertake in Ireland and abroad, while also working in close partnership with over 300 local partner auctioneers. We feel with our regular monthly auction dates in each region along with our offering of a national auction house partnered with local agents is one of the most effective routes to selling or buying property in Ireland.”

We are continuing to take entries for our online auctions, which will continue to run frequently throughout Ireland and Northern Ireland in 2021. After another stellar year, IAM Sold have remained the largest auction house in Ireland and the UK selling over 4000 properties during 2020.

Lastly IAM Sold Property Auction would like to wish all their clients a Happy Christmas, a prosperous New Year & all the best for 2021.

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