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Online auctions have a global reach 24/7 

6 July 2017

Online auctions are the perfect solution for buyers and sellers, and give agents access to buyers worldwide 24 hours a day.

This is according to auctionWORKS Principal, David Scholes, who launched an online auction platform seven years ago, which has grown from hosting 180 in 2014 to 316 last year.

The only difference to an onsite auction is that auctionWORKS stop registrations at 9am on the last day of the auction, and use a starting bid which is not deemed to be a “vendor bid”.

Each bidder must pass an ID check with an agent in person, and each bidder is given a unique PIN code which they must enter every time they bid. 

The owner, seller and agent also must read and agree to the terms and conditions which lay out the laws regarding the online auction. Read the bidders terms and conditions here.

David said: “Online auctions are the perfect solution for buyers and sellers because it avoids a traditional drawn out process of a private treaty sale and provides a stress-free controlled environment.

“It is difficult for an agency to stay relevant in our world of technology when we continue to use the same selling techniques we have been using for 100 years.

“Agents market property online, promote business online, and communicate online, so it is time to transact online as well.

“It is a valuable point of difference when listing a property and a property owner will see you’re offering an efficient inexpensive solution which will maximize their results.”

What are the key differences to an online auction at auctionWORKS? 

  • It provides a transparent and efficient way for vendors, buyers and agents to transact secure property deals from the comfort of their own home or office
  • If anyone bids in the last five minutes of the auction, the countdown clock readjusts to a full five minutes to give other bidders time to respond
  • It is anonymous, although everyone can see rival bids coming in
  • An enforceable contract is created upon the fall of the virtual hammer
  • Contracts are dated the day the auction ends and signed immediately upon the fall of the virtual hammer, by either the stakeholders (vendors and buyers), or the auctioneer if the stakeholders are not available
  • The winning bidder has until 5pm the next day to pay the full deposit which auctionWORKS have a special condition annexed to the contract to cover this contingency 
  • It notifies buyers when a property reserve has been reached
  • If a property passes in, the highest bidder is awarded an exclusive 60 minute period to negotiate an acceptable price.

For more information on the process, visit here, and the benefits to agents here.