MMoA could thrive if homeowners understood it better – study

4 January 2021 | Investment

MMoA could thrive if homeowners understood it better – study

The Modern Method of Auction (MMoA) could almost double and become a more mainstream way of buying and selling if people understood it better, according to iamsold.

Although the volume of property transactions via the MMoA is increasing every year, iamsold believes the market has the potential to double what it represents today.

In a recent OnePoll survey of UK homeowners, almost one in two respondents said they would consider buying or selling via the MMoA if they understood it better.

The same survey also revealed that among the myths and misconceptions, homeowners’ main concerns about auction are: ‘I don’t understand it, I can’t afford it/you have to be a cash buyer, it’s too risky/ stressful, and it’s not for my type of property’.

In response, iamsold has developed a digital marketing campaign championed by UK estate agents to dispel myths, raise awareness and educate homeowners about MMoA.

The campaign – with the tagline ‘quit your jibber-jabber’ – will provide a,  pack of creative content with cohesive messaging to each of the participating agents. Assets include a main campaign video, shorter video edits, social media content, web banners, digital brochures and posters.

When commenting on how MMoA can grow to become more mainstream, Jamie Cooke, managing director at iamsold, says: “We’re calling for all our Partner Agents to get involved and support our drive to reach homeowners with the facts about auction in order to bust the most common myths that currently exist.”

“Despite the MMoA having the power to offer a lifeline for vendors in need of quick and secure sales, only one in four homeowners surveyed are aware of it. Driving up awareness is key which is why we’ve created a more varied format of marketing materials for agents to use.”

He concludes: “We hope to see the campaign have a halo effect across the UK through our network, with a combined effort to help grow the category. We’re already looking at phase two which will launch later in 2021.”

This post has originally been featured in Property Investor Today.