Interview with Rory Field, Director of Business Development at BidX1

Rory Field is a Senior Director at BidX1 UK with over 18 years’ experience in real estate. He specialises in Business Development and client care. His further skills lie in lead generation, CRM and sales strategy. He has worked at the Director level at Savills plc and was the youngest National Partner at Strutt & Parker LLP before being made a Director and Head of Department at BNP Paribas Real Estate. He has worked in Central London and across the UK, as well as the United Kingdom of Saudi Arabia, with some very high-profile clients. Rory is focused on providing exceptional client care and growing our business and corporate client base in the UK and beyond.

You've had a diverse career path. What led you to the property auction space, and specifically to BidX1?
In short, the market. It’s getting tougher and tougher in the Private Treaty space. I have seen huge growth in the Auction space. Many large brands now have an Auction offering, and the BidX1 UK opportunity was really attractive to me, as again, my passion is growing companies, and this is a great outfit that can help many more clients. That’s partly what I am here to do.

BidX1 is known for bringing transparency and speed to the property transaction process. How do you think this model is reshaping the traditional real estate landscape?
The average completion time for Residential transactions in the UK has hit over 200 days! This is just far too long. Speed, i.e., 4-week completions, is saving vendors and buyers a huge amount of stress and anxiety. This is also creating more liquidity in the market with speedy deals via Auction. The Transparency peace is the Legal Pack being displayed alongside the listing. It just makes life so much easier. Most, if not all, of your due diligence can be done via the legal packs. Again, faster and cheaper than traditional Private Treaty. In the modern world, people don’t like to wait.

The current market is undoubtedly challenging. How have you seen seller behaviour change recently, and what role is BidX1 playing in helping sellers navigate this climate?
The market is definitely more complex and challenging. BidX1 can offer its clients speed, transparency, and ultimately liquidity. We love helping clients move quickly.

With many sellers under pressure in the current market, what types of properties or clients are turning to auction more frequently, and why?
We see a wide range of stock each month, it’s a real mix of Commercial buildings, Residential assets, and Land Sale opportunities. With the rise in Mortgages over the past 24 months, we are seeing quite a number of Residential opportunities, and again, speed really counts for our vendors and owners. Vacant offices near towns and cities are still ripe for office-to-residential conversions (subject to PP).

Who are your main clients for Auctions?
We act for a growing client base, but the main pools are: LPA receivers, Insolvency Practitioners, Private Individuals, Propcos, REITs, Solicitors, and local authorities. Housing associations.

Auctions are often thought of as the last resort; in reality, is this right?
For some private individuals, it is still the case. However, more and more we are seeing corporations, banks, and propco’s realising that Auction gives them the liquidity that they need and in more cases than not, it’s a quicker route to market.

Is there growth in the Auction market? If so, who are likely to be the clients?
Yes, massively so. Banks, lenders, propco’s and private individuals are definitely clients who should be considering the auction route to acquire or for their disposal strategy.

Is there a strong appetite from the investor market currently? If so, what is driving this?
In short, yes, there is a lot of demand. There is a genuine perception of value when buying at Auction. Plus, the fact that you can get your asset much faster than via the private treaty route. If you can pick up an asset at 40p in the pound, what’s not to like?!

What do you think the next 3 years looks like in the Real Estate Market in the UK?
Unfortunately, the Real Estate market in the private treaty space will remain tough. Higher taxation, less demand for subprime assets, and no more days of cheap money! That said, the buyer will see value and opportunities as values are not sky high. The best-in-class assets will always hold value in any market.

For those just starting out in property, whether in sales, investment, or proptech, what advice would you give? Are there any lessons from your own career that stand out as particularly valuable?
My advice would be to get into a good name (brand company) if you can. Stick it out for at least 5 years, and this will be your bedrock. Learn every day. Hard work beats talent every time in my book. And Well Done is always better than Well Said. Keep your network close and do your best to network wherever you can; people buy people. Your network can really be your point of difference if not now, in the future. The industry is actually a small place so, remember that in the way you behave.