Aucspace reimagines property auction due diligence
Proptech startup Aucspace reimagines the property auction due diligence process by asking "What would it look like if it were easy?"
London, September 14, 2020 - Property tech startup, Aucspace, is driving change in the property auction market by giving potential bidders the power to get informed for buying at auction in a more affordable, hassle-free way. The new online platform Aucspace.com connects buyers more easily with the due diligence needed at a fraction of the time and cost of hiring a solicitor or the financial risk of going to auction uninformed.
The Aucspace Legal Pack Summary reduces hundreds of pages of complex legal pack documentation provided by the seller into a concise and easy-to-read report of a few pages, viewable online or as a download. Prepared by expert in-house property lawyers, it features a section-by-section summary as well as suggested actions. As legal packs change repeatedly on the run-up to auction day, the platform also automatically reviews new revisions and alerts the customer as soon as changes are updated.
Enabling a smoother and more affordable due diligence process is critically needed across all segments of auction buyers - from owner occupiers, to landlords, builders and investors. Even though auctioneers recommend all bidders get legal advice on the seller’s documentation, currently only one-third hire solicitors knowing they may not win the bid. The remaining two-thirds try to mitigate risk by wading through the hundreds of pages themselves or request favours from legally-savvy family or contacts. (1)
Aucspace’s inspiration for creating a new alternative comes from direct experience with the problem. The company was founded in 2020 by 4 property investment and technology professionals. CEO Andy Mendelsohn was previously CTO for fintech leader FundingCircle and knows firsthand the transformation that much-needed technology can have on a traditional industry. COO Matt Geppert brings a track record of building technology teams for fast growing startups. Director Daniel Shafron leads business development, applying his experience as a veteran investor at auctions. Adam Russell, with years of working with and for auctioneers, brings that insight into the sales operation. Aucspace currently has two in-house property solicitors and will be expanding the team as it rolls out its platform to offer services for all upcoming UK auctions.
Mendelsohn shares the vision of Aucspace commenting: “Our priority in building Aucspace for the auction industry was using technology to enable more efficiency and transparency for buyers where there has been little. It has been encouraging, at the same time, to see the auctioneers adapting during the Covid pandemic with increased adoption of online practices. We are delighted to have Stretton’s lead the industry with offering our product directly to their customers. Forging this ‘new normal’ is needed now more than ever.”
Stretton’s Director of Auctions Andrew Brown comments: “I personally think Aucspace is a brilliant idea We’re immensely proud to be the first auction house to join forces to bring this service to our customers in our September 16th auction.”
London-based Aucspace is reinventing the property auction business, creating competitive and transparent technologies that align with the interests of property buyers. Founded in 2020, Aucspace is an early-stage, privately funded property technology company.
(i) Survey conducted of 225 potential bidders by Aucspace in Jun-July 2020