Timed Auction Benefits
The Auctions Live Timed Auction solution is a transparent, effective online sales method that assists buyers and sellers determine the true market value, meaning there's more chance a property will reach its maximum sale value.
Individuals who intend to bid on properties must be pre-qualified by selling agents before their accounts are activated, removing the feeling of any uncertainty for sellers.
Throughout the auction, buyers will have the ability to view the highest bid and place bids as the auction progresses via the Bidder App.
The complete process is managed by the selling agents and the assigned auctioneer. Timed Auctions typically take a fraction of the time usually spent by agents, buyers and sellers conducting conventional sale negotiations.
After the auction, if the sellers' reserve price has been met or exceeded, the hammer will come down, and the highest bidder will win and be required to pay the agreed deposit amount and sign the contract of sale.
On rare occasions, the property does not meet the reserve price, it will be passed in or set under negotiation, but this does not mean it's all over. The selling agents will begin post-auction negations, which often results in sales.
- Capacity to sell before the auction, at auction or post-auction
- The ability for agents to pre-qualify bidders
- Facility to implement flexible time limits
- Capability to increase competition through local, domestic and international buyers
- Power to create a sense of urgency around the sale of the property
- Opportunity to review and amend reserve price
- Potential to obtain a premium price through competition
- Proficiency in selling in fewer days on market
- Alleviate the pressure and stress of selling