Traditional methods of selling properties are being challenged by new methods that leverage technology and online platforms. One such approach is the use of timed online real estate auctions, which drive urgency among potential buyers and instil trust in the process.
In this article, we will explore how real estate Timed Auctions and real estate Timed Sales can be a game-changer in the industry, creating a sense of urgency and trust among buyers and sellers alike.
A Timed Auction is overseen by an auctioneer and is unconditional and binding.
A Timed Sale is similar to a private treaty – it’s a conditional sale, overseen by an agent and with a cooling-off period.
The real estate industry is known for being a slow-moving beast. With the rise of the internet, there has been a significant shift in how properties are marketed and sold – from newsletters and posters to search bars and social media feeds. Timed online real estate auctions have emerged as a new way to offer transparency and engage potential buyers.
Learn how digital agents are coming out ahead by shifting from bricks (traditional sale methods) to clicks (online auctions and sales).
Urgency is a powerful motivator in any sales transaction, and real estate is no exception. Timed Auctions and Timed Sales introduce a time-limit that creates a sense of urgency among buyers. With a fixed end time and the possibility of missing out on a desirable property, potential buyers are compelled to act quickly. This urgency forces buyers to make decisions and often drives competitive sale prices for vendors.
Trust is paramount in any business transaction, but especially in the real estate industry. Timed Auctions promote transparency and fairness, which are crucial factors in establishing trust among buyers and sellers.
Because it is an auction, the highest bid is open and visible, and buyers can make their best bid on the property. This transparency eliminates doubts and suspicions other methods of sale (such as private treaty) create, keeping a level playing field for all parties involved.
Discover how Realtair has helped real estate agents run effective online auctions and how our timed virtual auction solution broadens the buyer pool for vendors.
Using Realtair, agents run a Timed Auction completely online to a set deadline. This auction has to be overseen by an auctioneer and comply with the laws of that particular state, just like a traditional auction. Properties sold through Timed Auction are unconditional and binding.
Once you and your vendor have decided on Timed Auction as the method of sale, the parameters of auction must be set. This includes specifying the start and end time, the minimum bid amount, reserve price, and any bidding increments. These parameters are crucial in creating a fair and efficient auction process.
Regardless of what method of sale, effective marketing is essential to attract a wide pool of potential buyers to the Timed Auction. If using Realtair, agents can generate their own QR code that goes to the listing page on Buy.realtair.com, and promote it on accompanying signage, brochureware, social media, and other targeted advertising material throughout the campaign to help generate interest and maximise exposure. Because bids and offers can be made online by registered buyers via Realtair, there’s no email chain or paperwork for you to manage as an agent – it’s all streamlined and handled with easy-to-use technology on the buyer’s end.
During the Timed Auction, potential buyers can place their bids within the designated timeframe. The bidding process is live, with participants receiving real-time updates on when they’re outbid. This transparency allows buyers to assess the market demand for the property they’re buying and gives them time to speak with family and friends about their decisions. Unlike a traditional auction, buyers are relieved of the pressure to make bids immediately or risk losing out on the property, and know exactly how long it will be before the auction ends.
Once the Timed Auction concludes, the highest bidder wins the auction and enters into a binding, unconditional agreement with the vendor to purchase the property. The post-auction phase involves finalising the sale and completing legal documentation including making the 10% deposit required right after winning an auction. With Realtair, this process is easily done through our online deposit-taking feature that lets buyers securely enter their own account details, rather than risk email scammers intercepting communications and manipulating bank account numbers.
Don’t get left behind by continuing to use traditional methods of selling properties. Embrace technology and become a digital agent to maximise your business growth.