As far as property portals go, EIG, or Essential Information Group to give them their full name, are relatively unknown.
That is unless you happen to work in the industry or are an active property investor. That’s because their portal is exclusively dedicated to helping people find auction properties across the UK. In fact, they claim to be the only place you can find virtually every auction property in the country.
However, while they are an obvious starting point for investors, those in the market for a new home shouldn’t rule them out. There are some great bargains to be found on the auction market.
What They Offer:
At the time of conducting our EIG review we found their service consisted of the following:
- Listings collected from most of the UK’s auction houses
- Easy search function using location, price and other filters
- View every property’s history including previous sale prices
- Find comparable properties and see how much they sold for
- Get alerts when new properties matching your criteria appear
- Unrestricted 2-day free trial, no credit card required
So, essentially, they are similar to most other online property portals with the major difference that they only feature auction properties. That means if it’s an auction property you’re after, you’ll probably have more luck here than at your better-known property portals.
There is another big difference though. You will need to pay for access.
Sure, you can get a 2-day free trial without entering your card details. This is a fully functioning trial so you’ll be able to get as much information during those 2 days as you need. However, if you want to use the site over a longer period, you’ll need a paid account.
How It Works
Your search for an auction property through EI all starts when you enter your postcode, town, or country into their search box. There are also filters available for the types of property you’re interested in, whether you want to look at past auction results or future auction listings, and what your minimum and maximum price are.
This will then bring up a list of results showing a photograph of the property, it’s rough location, the guide price, and the auction date. This is about as much information as you get without registering.
However, if you do register you can then unlock extra information such as previous property information and the name of the auctioneer.
As a paying member, or someone within your 2-day trial, you’ll be able to compare similar properties, check legal documents, view data analysis, and contact the auctioneer directly. This allows you to get all the information you need ahead of the auction.
There are also a lot of other tools and articles on the EIG website to help you through the process of buying a property at auction. These include a number of financial calculators, help securing bridging finance, and various guides to the process of buying at auction.
How Do They Use PropTech?
Being an entirely online platform, virtually all of what EIG offers is based on technology, making it a fully-fledged PropTech company. Essentially they are taking feeds from most of the auctioneers in the country and collating them into one system. That makes it easier for those interested in auction properties to find the information they need.
As with many property portals, there aren’t a huge number of reviews around for EIG. However, they appear to have a good reputation, particularly among investors. This is backed up by several positive comments on their Google profile.