There’s a palpable energy in the air on auction day, isn’t there? From the murmuring crowd before bidding starts, to the hush as the starting price is announced, to the final fall of the hammer, auctions remain an extremely popular way to sell homes. Yet, increasingly, real estate agents want something more. While they thrive on the energy that in-person auctions deliver, they also crave the flexibility of selling online. The good news? You can have the best of both worlds — Hybrid Auctions.
A Hybrid Auction combines the best elements of both on-site and online auctions, allowing potential buyers to join in the bidding action from anywhere. Let’s take a look at why they’ve become so popular.
Live-streaming lets everyone in. With a Hybrid Auction, physical location is no longer a barrier to bidding. Your buyers can be right in front of you or a million miles away, which opens up your buyer pool.
More bidders mean more competition, which helps drive the price in a northwards direction. If you instead limit yourself to only online or in-person bidders, you don’t give your client the best chance of securing a sale.
Hybrid Auctions give buyers a fair go, too. They’re all about transparency and fairness — all buyers have an equal opportunity to bid, regardless of whether they can travel to the auction location or not. Plus, every bid is visible, so all other bidders know exactly who’s bidding what.
An interesting note on bidding here. Those bidding online often increase the bid by smaller increments than those bidding in person, such as by $500 or $1,000 at a time. This is far from a disadvantage though — often, those smaller bids add up to a stronger result in the end.
At a traditional auction, you might have 150 people in the crowd, but no way of capturing all their names and numbers. By switching to a Hybrid Auction, those following online share their details with you — giving you an easy way to build your database and expand your listing opportunities.
In a Hybrid Auction, online buyers are in the driver’s seat, controlling their own bids. And it’s easier for you, as the agent, to engage effortlessly those online and on the lawn at the same time. It means your team can focus on selling — not managing the phone.
To make things even easier, potential buyers can pre-register with a Hybrid Auction. This way, you can approve them before the big day, and both you and the seller get some advance notice of intending bidders. It eliminates the hassle of ‘on-the-day registration’ for you; and means the buyer can use the same registration for multiple properties for multiple agents.
Time is money in real estate. Anything you can do to respond faster to changing market conditions or new opportunities is going to help your agency thrive.
Realtair’s Hybrid Auction tools help you work more efficiently. We keep track of the lead-up action and on-the-day bids for you. Then, once the hammer drops, you can generate a contract and secure the deposit immediately, ensuring the process is quick and easy for all involved.
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