Network-E, the online auction platform offered by Network Auctions for their estate agent partner agents, has raced ahead in profitability this year despite the difficult market conditions.
Figures just released from Network Auctions show a whopping £4,184,000 has been raised already in 2018 via the online platform with commission of £74,890 being paid to partner agents. This compares to 2017 figures which saw the online auction arm raise a total of £1,561,000 and commissions paid of £19,861.
Fees paid to partner agents for traditional ballroom auctions are also forecast to beat 2017 figures with £138,600 being paid following the February and April sales, against a total of £200,387 from a six auction programme in 2017.
Toby Limbrick, managing director says “We are delighted to share the success of auction with our partner agents and the fees we pay in commission shows that. We have continued to deliver a market beating sales success rate in traditional auctions of 80% in 2018 against an industry average of 65%. We are excited by the development and success of our online auctions and the bidder interest we are attracting. We are always keen to talk to partner agents and welcome new estate agents who may be thinking of auction to join us”
Network Auctions next sale is 12 July and will be held at Grosvenor House Hotel, Mayfair.