This week, we have an interview with Bamboo Auctions- one of our incubation teams. They are a dynamic, new online property auction website launching in Summer 2014. We interviewed the CEO and Founder Robin Rathore about his ambitious new auction site.
How and why did Bamboo auctions come about?
I was in the process of buying a house myself, and was frustrated by the process of attending a property auction. There were cliques of old-timers, the grand hotel it was held in was stuffy, and the whole thing was inefficient. I left my job to shake up the market and create the “eBay for property auctions”; Bamboo Auctions was born!
Walk us through how Bamboo Auctions?
Estate agents list a property on Bamboo auctions for auction sale. Crucially, we work with Estate agents and not in competition with them. The seller sets the parameters in terms of the length of the sale, as well as the minimum price, just like an eBay listing. Buyers bid and exchange happens immediately at the end of the auction period, with a 10% deposit required straight away. This reduces the risk of gazumping, and we make sure that all the legal work is taken care of.
What is your background and how did you come into PropTech?
I’m a qualified corporate solicitor, having specialised largely in private equity and mergers and acquisitions. I worked largely in TMT and also commercial real estate (you can see how I may have got into property technology!) We’ve come along way in the last 6 months and I’ve been privileged to have met and be advised by some really smart people, in fact, one of our non executive directors is an auctioneer and a past president of the national association of estate agents.
What’s your favourite thing about Pi Labs?
We joined the program about a month ago, and since then support we have received both in terms of infrastructure and mentorship has been hugely beneficial to us, especially ahead of our launch. Being around other dynamic prop tech companies has sparked new ideas that is helping us establish an exciting development strategy for the future of our platform.
We’re huge fans of economies of agglomeration. Pi Labs has created a space that facilitates true disruption in an otherwise traditional market. We’re proud to be part of that.
What’s does the future hold for Bamboo auctions?
Our ultimate aim is to make the property transaction process exciting, uncomplicated and certain. We have completed the build of version 1 of our platform and are currently inviting a limited number of estate agents to our trial period, to enable them to earn their commission faster. We’re aiming for a full launch early next year and have a number of agents signed up already.
The property auction market needs shaking up. We’ve got a really strong team and a seriously good strategy to achieve this. We’ll also be launching a PR campaign very soon, so remember our name and watch this space!