Internet auctions providing remedies for buyers and sellers.
With new rules, regulations and restrictions being applied to the real estate sector due to COVID-19, purchasers and sellers alike are being left with a feeling of uncertainty. However, the real estate industry has reacted positively and provided a key solution when it comes to maintaining property transactions. This is through an online auction method. When looking at the subject of online auctions questions usually follow about how and if they work.
To provide clarity, Business Owner Greg Bolto (photo) of Harcourts Property People can be called upon. Conducting online auctions is a pivotal part of this business and is certainly nothing out of the norm for his company.
“In room auctions and streaming online has been part of our normal operations since 2014 using our own online platform. The online process is the same, conducted in our own purpose built in room auction function room,” he said.
Mr Bolto’s prior success with online auctions paints a strong picture for vendors considering putting their property on the market during these uncertain times, noting that “Genuine buyers still have an opportunity to buy and bid at auction, vendors who want their property auctioned are facilitated in exactly the same format as per our normal in room auction evenings. Not attending in person as a buyer has been something past clients have preferred, and streaming auctions has seen us sell property to interstate buyers along with local buyers who have found the convenience of bidding online easier.”
Mr Bolto has a convincing belief that online auctions are an absolute must-have offering at this current point in time. However, he also understands that having the option to bid on a property via the internet must continue in the future.
“Online buying has become part of our normal routine when it comes to clothing, furniture, food, etc,” he continued. “Vehicle auctions have been undertaken online for many years. The real estate industry continues to undertake so many of its process in a very transactional manner. If all properties hit the market with an online auction method of sale the turnaround days on market will be rapidly reduced for vendors and it would see buyers making definite commitment. Bigger audience participation, potential for higher prices to be achieved, efficiency with agents hosting numerous auctions in the one sitting that can reflect an accurate picture of the market for buyers and vendors so they can recognise values easier and note market trends.”
The team at Harcourts Property People are paving the way and demonstrating how just how adaptable the auction method can be, giving potential buyers a solution to purchase a property from the comfort of their own home.