Glasgow property auction specialist on track to hit £3 million

Prime Property Auctions said it was on course to register a record year of growth thanks to an increasingly successful referral system.

Founded in 2022 by John Morris, the firm is forecasting £3m in overall revenues for its latest financial year, boosted by a strong first six months.

The success is being underpinned by a steady flow of referrals. Of the properties sold to date this year, 34 per cent of overall sales have come via the referral process.

Commission for anyone who does successfully refer sits at 1 per cent or £1,500 plus VAT and last year Morris and fellow director Luis Guarin paid out £350,000 in fees.

Morris said: “It has been a positive first half of the year, due in no small part to the volume of referrals coming in. The element of trust is huge for us and more and more people are putting their faith in us to sell their properties, be that a commercial unit, a piece of land or a house.”

Guarin added: “Previously myself and John had sometimes been the bottleneck when it came to referrals as because we were so busy, we were unable to act as quickly as we would have liked. But the team is growing and someone can now jump on a lead immediately.

“We understand that it is a massive part of our business and want to make the partners process as easy as possible as we continue to grow.”

The firm is looking for a further boost thanks to a new online portal - Prime Partners - which has been developed to streamline the whole process.

Prime recently moved to larger headquarters in Glasgow. Previously based at West Regent Street in the city centre, but having outgrown its home of two years, the firm relocated to a modern facility at Academy Park Business Park on Glasgow’s south side.

A flurry of hires over the past few months saw the company’s founders begin the search for a new base.