Are online auctions now a key feature for agents?
18 September 2018 1933 Views
With the news that Hunters and Fisher German are the latest agencies to offer online auctions to sellers, is this something we will see more agents embracing in the future?
The two agencies have joined up with PropTech property auction company Bamboo Auctions to provide the technology needed for access to white label auction services.
Hunters will use online auctions across its 200-strong franchise network, while Fisher German – which has 16 branches across the UK - has just launched the online auctions platform along with its new website.
What are the advantages of online auctions?
They offer a transparent, highly visible way of selling, and are also very convenient for bidders/buyers given the fact they are virtual. Buyers don’t have to turn up in person, they don’t even have to leave their homes – they can simply fire up their laptops, get involved with the auction and bid for properties as they see fit.
Sellers can invite anyone to attend an online auction, which is likely to bring more buyers and could in turn raise the price of a property being sold. They also don’t have to pay any fees to hold an auction in a certain location. The reach provided by an online auction is likely to be much greater than a traditional auction, and could improve the chances of a quick, hassle-free sale.
For the agent, meanwhile, online auctions can be cost effective and deliver more value for money.
“One of the major attractions is that we do not disrupt the agent’s relationship with their vendor,” Bamboo’s chief executive Robin Rathore said. “We believe that an agent’s good reputation is one of the cornerstones to their success. There is no substitute for a handshake in this industry and we recognise that. Instead, we provide the technology, support and know how to make agents' jobs more efficient.”
With the system designed by Bamboo, buyers can search, register and bid for properties online through Bamboo’s website as well as access each individual agency’s properties through their own websites.
Another sign of the changing times
The increasing embrace of PropTech solutions – whether it be online auctions, virtual reality viewings or cutting edge, all-in-one software – is a sign of how quickly the property sector is evolving. In recent weeks we’ve seen Facebook officially enter the rental market for the first time, while not so long ago the first online mortgage deeds were registered with Land Registry.
In this increasingly digital world, agents need property software that is fit for the 21st century and a website which draws people in rather than actively turning them away. At Gnomen we can provide both these things – with our cloud-based property software allowing you to access and manage your business from anywhere in the world, on any device, at the click of a button. Meanwhile, we’re experts when it comes to website design – producing sites that look beautiful and work beautifully.
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