East Eight and Bamboo Auctions join forces to create online marketplace for new builds
Prime UK real estate developer and fundraiser East Eight has partnered with leading online property auction marketplace Bamboo Auctions to create Duomo – a brand new online marketplace dedicated to new build properties. Launching in December 2017, Duomo aims to simplify the process of buying new build homes by providing technology to property developers so that buyers can reserve new build homes online.
“The existing model means that properties are sold on a first-come, first-served basis, but what if the person at the back of the queue was willing and able to pay more? Buyers are missing out on purchasing their ideal home and high-quality developers are not able to maximise the value of their products. Duomo solves this problem.
“Duomo allows buyers to place their highest offers online for individual new build properties, with the chance to increase that offer over the sale period. The highest offer when the sale period ends reserves that property.
With Duomo, all buyers get a fair opportunity to reserve a new build home. Depending on the developer in question, we can even offer developments to domestic buyers first” said Robin Rathore, MD of Duomo and Bamboo Auctions.
As a secure, transparent online marketplace for property, Duomo will use technology to reduce the time and stress it takes to view and reserve a property to buy.
Nicole Bremner, Director of two real estate companies – East Eight and London Central Developments met Robin Rathore of Bamboo Auctions earlier in this year, a meeting initially sparked by a discussion on Twitter about buyer profiles.
‘As a property developer myself building out over 350 units across London, you would think that the traditional model would work for us. But when you consider the real value of a quality new-build property – the design and finish, convenience, functionality and that ‘dream home’ factor you’ve strived to produce, it doesn’t make sense that the right buyer, who is willing to pay premium for the property they really want, are not even getting a look in.
I’m thrilled to be joining forces with Robin and Duomo and making that process so much more transparent and viable for everyone.’ Nicole Bremner, Director of East Eight
‘We were looking for someone with a strong brand presence to join us in bringing this to market. But more than that, we wanted the insight of a high-quality developer who would inform this process through first-hand experience. Nicole fits the bill perfectly. What I was seeing in the data from Bamboo Auctions was that 50% of our online property buyers were women. I got in touch with Nicole to discuss her thoughts on why this might be and how we can encourage a more diverse buyer market. After that we quickly got into identifying a real need for more transparency, accessibility and ease in the selling and buying process – especially in the new build sector. With Nicole’s expertise and our technology, we’re in a fantastic position to drive innovation in this sector of the property market’ said Robin Rathore.
Duomo launches in December 2017 at www.duomohq.com. For more information follow Duomo on Twitter @DuomoHQ and Facebook @DuomoHQ.
Nicole Bremner – East Eight & London Central Developments
East Eight is a property development and investment company with an uncompromising focus: creating extraordinary living spaces. With each of our developments offering award-winning design and a high-end finish, the result is beautiful, stand-out living spaces.
Robin Rathore – Bamboo Auctions
Bamboo Auctions is an online property auction marketplace, working with reputable agents and auction houses, to sell properties online in a fast, certain and transparent way. Robin is a qualified corporate solicitor and a regular speaker on the future of property auctions.