It is common for people look backwards in this market, but only confident, forward thinking will lead to increased sector growth. At Bamboo Auctions, we are striving to increase the reach of auctions over and beyond 2% of the market. Change brings opportunity and innovation is key to success.
Few people know that the mission statement for which Jerry Maguire was so famously fired, was actually based on a real document, written in 1991 by Jeffrey Katzenberg, called “The world is changing: Some thoughts on our business”.
Whilst Katzenberg was writing directly about Disney, its position within Hollywood, and the way in which films ought to be made, many of the sentiments translate across industries, including the auction market.
Setting up a business is hard work, whatever the task. Until recently, it was also expensive work. The internet of things and its global accessibility, an entrepreneurial culture and modern investment techniques have made it easier to manage and reduce the associated overhead costs, whilst still executing your concept and branding.
My motivation for getting on board with Bamboo was simple. It’s a fantastic idea underpinned by a fantastic team of people. On top of this, the lure of working on projects that are revolutionising the online property industry, delving into untouched areas of housing law and the property market. By adding another aspect to the auction house, Bamboo’s technology is truly engineering the composition of online property auctions.
According to estimated statistics published by the Land Registry, approximately 1.2million residential properties were sold in the UK in 2015. Of these, around 21,000 residential properties were sold by live room auction. This means only 1.75% of residential properties sold in 2015 were sold by auction in the UK.