For buying enthusiasts nowadays, nothing is more appealing than buying or selling property online from the luxury and convenience of their own home while using a smartphone or laptop. The benefits of buying and selling on the internet are endless as the entire process is seamless and more appealing than the traditional auction method.
An online property auction is a transaction between two parties, the estate agent and the buyer which takes place on the estate agent's website. It can occur for commercial or residential properties and allows bidders to bid online against each other for contracts to a specific asset. Click here for a guide to an online auction.
No, online auctions hold no geographic boundary, it offers buyers phenomenal convenience to make a bid/ offer anywhere at any time. By placing the property online, it allows the estate agent to showcase their property to global buyers. Once the product is listed for bidding online, buyers will have the opportunity to start bidding transparently and remotely through a small button on the agent's website. As the auction comes to a close (indicated by the clock in the top of the panel), the bidder offering the best deal and is accepted by the agent wins. The fact that location no longer raises any boundaries benefits both parties, the agent can list a property from one side of the world and the buyer can place a bid from the other. Online auctions eliminate the restriction surrounding traditional auctions.
Sometimes, potential bidders might be reluctant to place a bid because they are sceptical about the bids indicated. In a recent survey, 50% of participants thought 'fake bids' are a problem in Ireland. However, online auctions can help provide much-needed transparency, the agent can create a custom set of qualifying questions for the buyer and verify their documents (Proof of funds, etc.) before they place an offer. By eliminating the doubt, online auctions give participants confidence that all bids are correct. Other than the above, online auctions tend to attract buyers who have a high intent to purchase.
There is no time restriction on an online auction. The auction end date is selected by the agent before the auction commences but potential bidders can place a bid throughout the day and night 24/7. A countdown clock will display the hours, minutes and seconds until the auction comes to a close. This means the agent and buyer can sell or buy their property in any time zone.
Yes, online auctions try to eliminate the monotonous, tedious and time consuming traditional sales process. By bringing all parties in the sales process together on one platform allows for transparent collaboration and seamless communication to speed up the process. Online auctions platforms, such as Offr, replace repetitive manual communication allowing you to focus on your seller and potential buyers. For a transaction that could take months to complete, it can now take half the time. It is equally reliable, you can now have certainty in the sale by asking for proof of funds, contracts, titles, and deposits in advance.
Taking this route has several benefits when buying or selling a property. Online auctions can help you save time, money and reduce stress levels. Are you are interested in learning more about online auctions? If so, we would love to help you out. Check out the following page to learn more about Offr - How Offr works.