iamsold Property Auctions

iamsold Property Auctions: online property auction platform in Ireland

iamsold is an online bidding and auction platform used by 3,000 auctioneers in Ireland, Northern Ireland and the UK. It operates under the trading names iamsold, iamsold property auctions and The Auction Department, owned by Irish Modern Auctions Ltd, a company registered in the Republic of Ireland with company number 517424 and VAT 9842632O. The company is based in Galway and its corporate website is iamsold.ie.

The platform offers partner auctioneers an additional route for their clients to sell properties. Among the benefits the company attributes to vendors are a faster sales process, greater security through non-refundable deposits and broader exposure to buyers from Ireland and the UK. Partner auctioneers and vendors access the platform on a no sale, no fee basis, and iamsold works alongside the local auctioneer throughout the transaction.

How it works for buyers and sellers

The process is presented as suitable for buyers who are in a position to move within a reasonable timeframe and have either cash or mortgage funding already in place. Buyers have access to all legal documentation upfront, which, according to the company, allows them to know the property's situation in advance before bidding and prevents unexpected issues or delays later on. Once the buyer accepts the legal pack, they pay the bidder security deposit, which is non-refundable once accepted and secures the transaction for them.

The platform supports residential, commercial and land sales. iamsold offers a free, no-obligation valuation to determine the current value of the property and advise on the best method of sale, whether through the bidding platform or online auctions.

Property types and geographic coverage

The platform's search tool allows filtering by county across the whole island of Ireland and the UK, with coverage in Antrim, Armagh, Carlow, Cavan, Clare, Cork, Derry/Londonderry, Donegal, Down, Dublin, Fermanagh, Galway, Kerry, Kildare, Kilkenny, Laois, Leitrim, Limerick, Longford, Louth, Mayo, Meath, Monaghan, Offaly, Roscommon, Sligo, Tipperary, Tyrone, Waterford, Westmeath, Wexford and Wicklow. The search supports distance radius, number of bedrooms and price ranges from €50,000 to over €500,000.

The range of property types is wide: apartments, blocks of apartments, bungalows, terraced and semi-detached houses, country houses, stately homes, duplexes, penthouses, studios, houseboats, mobile homes, retirement properties, sheltered housing, shared flats and houses of multiple occupation. In the commercial sector, there are bars and nightclubs, cafés, restaurants, pubs, hotels, guest houses, offices, serviced offices, business parks, distribution warehouses, light and heavy industrial units, commercial and industrial developments, car parks, petrol stations, post offices, hairdressers and barbers, childcare facilities and healthcare facilities. It also includes land, development land, farms, farmhouses, agricultural land, equestrian facilities, forestry, campsites and holiday villages, ruins, garages and parking spaces.

Company history and activity

In 2022, iamsold celebrated ten years of activity in the Irish property market. The company has been publishing milestones on its website: in April 2017 it marked five years in Ireland; in March 2018 it launched its online-only bidding platform with binding bids and deposits paid online; in January 2020 it extended its auction service to the Northern Ireland property market; and in September 2020 it introduced a new brand identity and logo.

Among the financial milestones the company highlights are the sale of the Latouka apartments on Ballyowen Lane (Lucan) for €3.25 million in September 2017; the auction of over €10 million worth of assets in a single day at The Leinster Property Auction in July 2017; and the transaction of over €5 million worth of assets in one day on the online platform in December 2021. In December 2019 the company reported a 93% success rate and over 4,000 properties sold in Ireland and the UK. In November 2019 it was shortlisted in the 'Prop. Tech Innovation' category at the KPMG Property Industry Excellence Awards.

The company also reports its commercial evolution: in December 2016 it recorded an annual success rate of 94% after a full year of auctions across Leinster, Munster and Connacht; in December 2017 it completed 15 public auctions in those same provinces with a 96% sold rate; in December 2018 it surpassed 3,000 properties sold in Ireland and the UK; in December 2020 it announced its most successful year to date; and in December 2022 it closed the year with a 35% increase in sales compared to the previous month and 64% compared to the third quarter of 2022, with a 28% increase in stock during the second quarter compared to the first quarter of the previous year and 12% more enquiries in the fourth quarter compared to the third quarter of 2022.

Partner auctioneer network and valuations

The company states it has 300 partner agents in Ireland and a network of 3,000 auctioneers using its platform in Ireland, Northern Ireland and the UK. In June 2016 it was already working with 150 auctioneers in Ireland. iamsold offers partner auctioneers and vendors the no sale, no fee model and accompanies the local auctioneer throughout the transaction. The website includes a free, no-obligation valuation service to determine the current value of a property and advise on the best method of sale.

Awards and customer reviews

The company cites 90% as the highest success rate in Ireland, 93% of customers who recommend its services and 149 independent positive customer reviews. In March 2016 it received the Best Supplier award at the Sunday Times Estate Agency of the Year Awards 2015 and entered the Sunday Times FastTrack 100. In July 2022 it celebrated its tenth anniversary with a barbecue and a charity auction that raised over €2,400, with speeches by directors Patrick Folan and Patrick Convey and IPAV chief executive Pat Davitt, and an auction led by Aiden Foley.

Location and contact

Phone: 01 244 0000 · Email: admin@iamsold.ie