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Benefits of online property auctions

Benefits of online property auctions

Mon 01 Jul 2024


Nothing quite compares to the excitement of an in-room property auction but as the shift to online sales has gathered apace it is convenience and speed that sellers and buyers now highly value when it comes to property transactions, not the thrill of being physically present in a room.

The pandemic expedited the transition from traditional auctions in a live setting to digital platforms but Brown&Co was ahead of the curve long before the first lockdown forced other agents into this arena. As a firm renowned for highly successful in-room auctions, we had the foresight to adopt an online model in 2018.

By removing the physical limitations of a traditional auction and its need for attendees to be in one place, it was evident that audience reach could be greatly increased. With online sales has come a fundamental change in the property auction landscape.

A detached “upside-down” property on South Avenue in Norwich sold for £346,000, which was £51,000 in excess of the guide price.

We have seen online auctions rapidly become the preferred choice of our clients, with the benefits they offer to sellers and buyers alike. For vendors, there is not only wider reach and convenience to capitalise on but transparency and faster sales too.

The wider reach comes from access to a global pool of potential buyers, allowing exposure to be maximised, and the convenience element from removing the need to be physically present, with the logistical challenges that can entail.

With a larger pool of potential buyers comes greater competition, potentially leading to higher prices achieved for sale properties.

Cleveland View, East Markham, was sold with a range of dilapidated outbuildings.

Detailed property information and real-time bidding enhance trust and transparency and, with typically shorter sales cycles, faster sales can be achieved.

There are multiple advantages for buyers too, not least the ability to participate in an auction from anywhere in the world that has an internet connection and the accessibility that allows.

In preparation for the auction, buyers can access video tours of the property and comprehensive details so they know what they are bidding on and, with a level playing field among bidders, outcomes are fairer.

Elm Tree Farm in Boston, Lincolnshire sold for £325,000 in auction.

It is true also that the thrill that came with an in-room auction has not completely disappeared with the online format. It has instead been replaced by the excitement of real-time bidding and the instant updates on bid status that allow for informed decision-making. 

To find out more, please click here or contact your local office directly. 

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This insight article is featured in our 2024 Innovate magazine. To read more of the publication, you can download a digital version below.


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