With virtual online auctions in full steam ahead during the pandemic, one company is encouraging agents to embrace technology and educate bidders and vendors on its myriad benefits accordingly.
Despite restrictions on live auctions easing, SoldOnline says it is seeing real estate agents continue to host online auctions if they’re deemed to give the seller an advantage, adding online auctions to their everyday suite of available sales tools and options.
Auctioneer and founder of SoldOnline David Scholes said “a new generation of agents realise that COVID-19 has created a new landscape, one where new challenges and also new opportunities exist”.
“Travel restrictions and hesitation to travel will be an issue we’re dealing with for quite some time, so ensuring a regional property can reach potential bidders from outside the local area or an inner-city investment property can attract interstate bidders, for example, is crucial,” Mr Scholes said.
“Proposing an online auction can even open potential bidding to anywhere in the world, giving you easy access to international buyers including expats wanting to return home to Australia.”
That being said, Mr Scholes said agents wanting the advantage of offering online auctions need to understand how the various platforms work. This, he said, will enable them to present the strengths of each and help vendors choose the format that they believe will optimise their results.
“Our bidding platform, for example, offers the chance to market a property without a price and let competition organically drive the price up, building trust with buyers in a time where trust is critical,” he said.
“We also allow the auction to run over the course of a few days, with the starting bid published at the beginning of the auction, which often encourages additional bidder registrations.”
Further, Mr Scholes said SoldOnline has the capacity to reward the highest bidder with exclusive negotiating benefits should the property not reach the reserve price.
“The agent’s job is made easier as the reserve price is disclosed to the highest bidder immediately after the property passes in,” he explained.
“The highest bidder then gets the exclusive right for an hour to negotiate with the vendor and the agent. If a negotiation is reached, the property is sold unconditionally under auction conditions.”