Online auctions may soon become the norm with the recent launch of a digital auction portal that allows people to buy and sell properties on the internet.
Property Auction Network is an online portal that lets customers search and view current auction properties and make lawful prior offers or bid online. It is currently only available to a limited number of agencies on the Sunshine Coast.
Marketing director, Lee Heeley said: “This is cutting edge digital technology at its best for real estate auction and tender properties where the traditional auction and the digital auctions work hand in hand to ensure even better auction results across the board.
“Agents have been waiting for an alternative like this for some time and I am proud to say that the Property Auction Network Portal is already being embraced by some of the state’s top auction performers and smart agents.”
Users of the website can search and view auction properties in their price range, inspect at scheduled open homes and then log on privately to make legal offers prior or register to bid online auction the digital auction had gone live.
“It’s actually fun, it’s edgy and most of all it is professional and easy to operate for all buyers that can go onto the internet, whether Gen X, Gen Y or baby boomers,” Mr Heeley claimed.
One agency that has embraced the online portal is Laguna Real Estate, which has used it to upload traditional auctions as well as digital online auctions.
Managing director Olivier Miller said it was way for the Laguna team to promote and market their properties to buyers who desired privacy in their real estate dealings or that may be too shy to bid at public auctions.
“I think there’s some focus on the property so what we virtually do is we put the property online prior to the in-room auction so anyone can buy the product before the public forum,” she told Real Estate Business.
“If our property doesn’t sell it goes back for a further time and then we either turn it in with an auction with a price and a deadline date or what we call a deadline sale.
“It gives our sellers plenty of opportunities to sell and that’s why we like it.”
Ms Miller added that she believed the portal had huge potential for agents and their clients.
Director at Jason Andrew Auctioneers Jason Andrew said Property Auction Network portal reflected the way everything was moving towards the digital space.
“Whether it’s before its time will remain to be seen,” he said. “Online auctions have been around for a fair time but it’s never really caught on originally.
“I don’t know how consumers will go with it originally but I think the world will definitely head towards it. It will get a good take up one day.
Auctioneer at My Auctioneer Will Hampson said a live auction still had benefits over an online auction, which were best suited for commercial properties.
“A live auction is much fairer in getting the best result for the seller and giving all the buyers equal opportunities to bid on a property,” he said. “It’s more transparent.”
Mr Hampson added that it was more powerful for sellers to see who was bidding in a live forum in order to make a more informed decision.