In a game-changing first for the real estate industry, Raine & Horne Surry Hills will next month auction an apartment live on Facebook and stream it on video app Periscope.
Raine & Horne Surry Hills principal Jason Ballo said the landmark auction of the Sydney flat is a preview of the direction of real estate technology in Australia.
“Periscope as a real estate tool is taking off in the United States as it allows buyers and investors to view a property in real time, which can suit those who find it difficult to visit a property in person,” Raine & Horne director of auction services James Pratt said.
“This means that anyone with a Facebook account can log on and can watch the auction live, even if they can’t make it in person.”
Mr Pratt said Facebook live streaming will also make the auction process more transparent.
“Everyone can see exactly how many bidders are on hand and the bidding sequence even if you’re in Hong Kong, Hobart or Haberfield at the time the bidding starts,” he said.
Mr Pratt said live auctions create a new level of interaction as viewers watching online can leave comments during the auction.
“The live Facebook feeds are also a great educational tool for those considering bidding at auction for the first time or those vendors who have never sold a property at auction previously,” he added.
Mr Pratt predicted that live social media will make auctions more accessible and engaging for buyers, in turn helping vendors achieve stronger outcomes.
The Facebook auction of 3/9-19 Nickson Street, Surry Hills will take place on 21 May.
[Related: Can Periscope drive new leads for agents?]