In 2020 we saw auctions change forever due to COVID-19. In March last year we hosted our very first auction livestream and since then have been conducting the online event each month. Not only have these online events made auctions more accessible for everybody, they have also presented other positive opportunities for the sellers, buyers, and agents.
THE BENEFITS OF ONLINE AUCTION EVENTS
Because of conflicts, distance and timing, there is a much larger audience willing to participate in an online auction. And those buyers are different. People who only want one item, younger buyers, stay-at-home buyers, are more likely to bid online. Although all of these buyers have had the choice of phone bidding in the past, we believe the livestream aspect gives them a better understanding of how the auction works, runs, and plays out. It is also much more exciting than hearing it through the phone line.
Online auctions reach buyers from around the country. We have recognised a large number of interstate investors registering to bid and tune in to the online auction. It also helps with any post-auction interest and can also benefit the agency’s outreach.
Buyers can bid when and where they want and bid on multiple auctions on the same day. Buyers can bid from their couch, work desk, kitchen, or even their bed. It really just opens the floor to all buyers, especially if they cannot get onsite.
Hosting online auctions can be less stressful for the sellers. When hosting an onsite auction event, the sellers will stress over getting the house in perfect condition for visitors, and they may also get overwhelmed by the whole auction setting. By performing the auction online we take all these variables out of play and help put the seller’s mind at ease.
MORE COST EFFECTIVE
No travel time needed when hosting online auctions. You also do not need to charge the seller for venue hire or any extras that may arise for in-room or onsite auctions.
Although we cannot wait to host big great auction events, we are happy that we can still safely bring these events to buyers and sellers all across the country. We believe that this shift to online auctions was somewhat necessary to best serve all buyers and sellers.
If you are thinking auction might be the best choice for you and your property, give us a call today for a no-obligation chat about what we can do for you.