How Does an Online Auction Work?
There have been many, ongoing challenges for the real estate industry throughout COVID-19 restrictions and during this period we’ve adapted our practices and adopted online auctions through the Openn Negotiations platform.
Although we are now once again able to hold outdoor auctions with up to 10 people, plus the required staff, we are still using Openn Negotiations with three of our current homes for sale.
Despite some obvious challenges we have actually discovered that online auctions have suited some vendors who prefer to market and sell their property by the most transparent method of auction. It also allows buyers to openly negotiate on price.
We recently conducted a successful online auction at 13 River Avenue Echuca, where we had four registered bidders and a total of 24 bids with the property eventually selling for $115,000 above the reserve – a great result for all involved!
With Covid-19 restrictions for auctions across both NSW and Victoria still in place, and subject to change at any stage, it has been extremely helpful to be able to offer online auctions to keep things moving.
It’s currently a mixed offering here at CLK with two properties set to be auctioned ‘traditionally’ onsite (with restrictions) and three properties for sale by online auction. As mentioned, the benefits of online auctions include ‘live’ and transparent nature of the process and that we have the benefit of already knowing who has registered interest and all current bids are visible. The three properties currently ‘live’ on Openn Negotiation include:
It’s been wonderful to have access to tools such as Openn Negotiation to help us navigate the challenges of Covid-19, however there are still a few very important factors (benefits) of ‘traditional’ onsite auctions that cannot be replicated online, including the ability to deliver the emotion and theatre of auction day that we all know and love.
Online auctions, however, do allow the vendor the ability to accept varied terms including the option to accept subject to offers/bids, which allows more prospective buyers the ability to bid. This can, in turn, increase the number of prospective purchasers bidding for the property.
We currently have three of the best local auctioneers in the business, Gary Wood, Troy O’Brien and Travis Hore, all skilled to achieve the best possible result in an astute and professional way. In addition, our sales team members are all certified to sell via online auction and also continue to work hard for our vendors, selling more than half of all properties by private sale.
Call our team today on (03) 54 822 111 to discuss the best sales method for your home, and for a free appraisal to find out what your home might be worth.