Rental property auction website opens for business

The online only sector has a new competitor after the launch of a new rental property auction website.

Dedicated to landlords and tenants, those behind AuctionLets say it provides landlords with a unique alternative to the way property has traditionally been let, offering the same level of service but with greater control for less cost.

The property finding site enables landlords to upload their vacant properties while potential pre-qualified, referenced tenants can bid on property.

AuctionLets said it already had a positive response from industry peers as well as landlords pre-registering for the site.

It also said that all properties on the site would be marketed by Rightmove.

Tenants can set a price range which means they can only bid within their budget.

They also benefit from access to what is described as the UK's first portable online referencing, which is valid for 90 days, and can bid on multiple properties until they are successful.

To avoid signing up for more than one property, prospective tenants are only able to be the current highest bidder on one property, once they are outbid they can move onto another property.

AuctionLets said landlords had reassurance that the tenants bidding on their properties were quality pre-referenced tenants while having the opportunity to maximise their rental income or let their property quickly.

Landlords decide the starting bid level as well as control the end time of the auction and move-in date.