Commercial property consultancy Lambert Smith Hampton has launched an online auction website as it pushes ahead with a digital transformation drive.
Developed in-house with the support of a third-party developer, the 574 platform is being positioned as an online brand that allows people to buy and sell property quickly, flexibly and securely.
It sports an eBay-style selling format, with potential buyers going through a vetting process. Once approved, they can place a bid for any property during the day of sale.
While LHS is focusing on the UK property market right now, it said people from anywhere in the world can buy properties using the platform.
LSH told PlaceTech: “What makes our platform different is that it is simple and you can transact in minutes for both buyers and sellers.”
During two years of testing, the firm said it sold more than 60 properties on behalf of clients through the website. Prices reached an average 18% premium above expected levels on many of these sales, with properties varying from £20,000 to £11m.
Other statistics include 5,000 global online bids; 100,000 active investors; and a 96% success rate for commercial auctions.
The platform has experienced uptake among a range of private and public organisations, one of which being the Ministry of Defence.
The launch of 574 comes at a time when LSH is increasingly shifting to a technology-focused way of working and selling.
In August 2018, following the departure of its auction team headed by Oliver Childs to join BidX1, another online auction house, LSH announced plans to stop traditional ballroom auctions and develop its own digital offering. The firm told PlaceTech that it has “taken the plunge to solely focus online”.
With a new online auction team and platform in place, LSH said it is looking to “achieve a more immediate, accessible and simplified channel for sellers and buyers to transact”.
The 574 division of LSH is run by a seven-person team: Kate Babbage, Emmanuel Alade, Max Mason, Ezra Nahome, Jeremy Green, Izzy Watterson and Tom Moreton.