PROPTECH-X ‘Proptech & Property News’: Auction sales in the south reach record levels | iDenfy and Residenture automate KYC compliance

iamproperty: Auction sales in the south reach record levels

PRESS RELEASE: New data released by iamproperty shows a spike in auction activity in the south, with 2022 sales, instructions and viewings overtaking the north for the first time.

Southern sales made up 35 per cent of iamproperty’s 2022 auction sales^. Although agents in the south saw particular success, demand for auction reached record levels across the UK.

In 2022, iamproperty’s Partner Agents sold 7,014 properties via the Modern Method of Auction (MMoA), up 40 per cent from 2021. During a challenging year for the property market, auction was key to agents’ success, by helping them to win instructions and secure sales.

Partner Agents’ earnings from auction sales hit a record-breaking £25m, up 46 per cent from 2021. Over £400,000 in rewards were also paid out. These record earnings were made possible by over £1.25bn Capital Value worth of property sold via MMoA in 2022, a 54 per cent increase on 2021.

Jamie Cooke, Co-Founder of iamproperty, said: “2022 showed that the market is highly responsive to auction as a method of sale that offers real-world benefits. With 56-day fixed completion timescales*, MMoA’s speed and security have great appeal to both agents and vendors, protecting transactions from the climbing rate of fall throughs and long Private Treaty completion timeframes.

“The volume of auction sales is growing across the country, particularly in the south which has seen increased uptake from agents and vendors. Awareness of auction and confidence in it has grown massively over the last few years, as it continues to prove its value in any type of market. We have led the online auction market for over a decade and 2022 has set us up for the year ahead to be another exciting leap forward, as we introduce a new bidding journey which will enhance the experience even more for both agents and consumers.”

Consumers’ engagement with auction spiked in 2022, with over 60,000 bids placed on iamproperty’s auction properties. The highest sale price was £1,670,000, with the increase in million-pound homes bought at auction continuing. The number of properties sold to owner occupied buyers also spiked.

Jamie explained: “A trend I expect to continue is further growth in owner occupied buyers purchasing via auction, which accounted for an average of 42 per cent of sales each month in 2022. Auction is no longer only attractive for investors, with its fast and secure transactions helping people to move into their homes quicker.”

One of iamproperty’s Partner Agents, Stuart Matthews – Managing Director of Miller Metcalfe Estate Agents, added: “A standout success was an auction sale which saw one of our clients achieve over £56,000 above the guide price, which is obviously excellent. We like the iamproperty auction service because it gives our clients a different approach when they’re looking for a speedy and secure sale.”

These stats are from iamproperty’s 2022 Auction Success Brochure which you can view here.

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iDenfy introduces a new partnership with Residenture to automate KYC compliance

PRESS RELEASE: iDenfy, the global tech startup offering AI-based identity verification and fraud prevention tools, announced partnering with Residenture, the Switzerland-based startup best known for its fully digital real estate auction platform. iDenfy will ensure a smooth and secure onboarding process for all auction applicants on Residenture’s platform.

The pandemic has transformed people’s habits, making them more comfortable using technology to complete specific tasks that used to happen in person. According to iDenfy, the real estate industry isn’t an exception, explaining that it has become a safe haven for fraudsters who manage to find the least regulated regions and then launder funds through real estate transactions.

Residenture, a prop-tech startup and the first full online real estate auction platform in Switzerland agrees with iDenfy’s concerns about the increasing fraud risks. That’s why the digital property platform started to look for automated onboarding capabilities to enhance security and ensure Know Your Customer (KYC) requirements.

By choosing iDenfy’s solution, the real estate auction business aims to simplify business procedures. According to the real estate business, iDenfy offered both user experience and security, which played a massive role in the decision to partner with the KYC startup. By collaborating with iDenfy, Residenture’s clients can enjoy a simple, straightforward user verification process.

Currently, using their smartphone or desktop device, sellers and potential property buyers verify their identities before they participate in any auction. iDenfy’s identity verification ensures that the person is legitimate and has Swiss citizenship or a residence permit. Simultaneously, it prevents fake identities and users with stolen credentials from joining the auction platform.

As specified by iDenfy, a secure and user-friendly verification solution is essential in the digital sphere to maximize security for a platform like Residenture. The startup’s biometric ID verification is fully automated and exclusively backed up with real-time human supervision, which means that iDenfy’s internal experts manually review each user’s verification.

It’s worth mentioning that after 5 million different face tests, the startup’s algorithm has achieved a 98.4% success rate. iDenfy’s software recognizes documents by type and country, extracting data and verifying IDs against approved government data sources within seconds. Consequently, as claimed by iDenfy, its swift, certified by ISO/IEC 27001 standard identity verification, helps guarantee a secure, hassle-free onboarding for Residenture’s customers.

Currently, Residenture aims to continue improving customer satisfaction and conversion rates through the newly implemented verification process. The company’s officials added that the newly implemented solution plays a vital role in helping reach its near-future goals of expanding the real estate auction business on a global scale.

“We’re excited to partner with iDenfy. Whether it’s iDenfy’s internal KYC document specialist or the technical support team, they’ve always been open to improving their solution, which proved to be a huge benefit both during and after the implementation stage,” – commented Armin Topic, the Co-Founder of Residenture.

“Our team is ready to support our partners with the tools that are vital for creating a frictionless customer experience. Digital identity verification puts trust first and provides the needed security layer that prevents potential real estate fraud,” – said Domantas Ciulde, the CEO of iDenfy.

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Proptech and Property News in association with Estate Agent Networking.