The word auction is derived from the Latin word “auctum”, meaning “I increase”, and dates back as far as 500 BC. Naturally auctions have progressed over time in the both the way they are facilitated and the items that are transacted.
Throughout the 90’s and 2000’s we started to see more and more auction platforms start up with a shift towards an online focus. Sites such as eBay have allowed consumers to become familiar with the process of bidding and buying online, which will make the transition within the Real Estate industry that mush easier. Whilst the technology for taking property auctions online has been around for some time, the real estate industry for the most part has continued to rely heavily on public on-site or in room auctions.
There are huge advantages of this type of property auction as it can help create an emotional and competitive environment that will be hard to match in an online scenario. Public auctions also allow agents to assist in direct negotiations between buyers and sellers on a face to face basis, which helps secure a successful result for both parties.
As a business we were one of the first major real estate groups to live stream a public in room auction. We had over 40 properties involved and over 300 people in attendance, combining both in room and online. It was a great success and we had bidders based both interstate and overseas engaged in property transactions. This is the big advantage of moving online. It will allow buyers unable to physically attend a public auction to have the ability to feel more involved and engaged in the event. They will not only be able to hear the auction over the phone, but will have the ability to see the the auction and auctioneer in full view through live streaming platforms.
Auction results have remained extremely strong over the last month, as the industry moves their auctions online, which is a testament to how quickly buyers and agents have adapted to these changes. If you would like to discuss online auctions in more depth please feel free to contact me at anytime on 0409455443