IAM Sold Property Auctions – a year ending review

As the year is nearing its end, IAM Sold Property Auctions would like to wish all its clients a happy Christmas and prosperous New Year as the team review their year of auctions for 2020.

Despite a rollercoaster of a year, which saw the nationwide auction company move all its auctions to its online platform, company directors Patrick Folan and Patrick Convey announced a strong year for the property market. IAM Sold plans to continue its monthly online auction dates in 2021 and will hold 11 auctions in all four regions – Leinster, Munster, Connacht, and Northern Ireland.

Company director Patrick Folan said: “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 to handle some of the current challenges facing the industry. Our online platform allows buyers to bid from the comfort of their own homes, 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 commuting distance of regional towns and cities with buyers looking for more space with a view to working from home.”

IAM Sold has released statistics showing that inquiry levels during the second half of 2020 are overall significantly higher than the same period in 2019. This burst meant inquiry levels soared by approximately 60 per cent during Q3 compared with the same period last year. However the auction specialist has noted that in the last couple of weeks inquiry and viewing levels have stabilised to what would be a considered a normal level for this time of year.

“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," said Patrick Convey. "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.”

The company is continuing to take entries for its online auctions, which will continue to run frequently throughout Ireland and Northern Ireland in 2021. After another stellar year, IAM Sold remains the largest auction house in Ireland and the UK, selling more than 4,000 properties during 2020.

Those thinking of selling can contact the auction team to arrange an initial valuation at 091 882 121, or visit www.iamsold.ie


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