Benefits to Online Auctions
With the rise of technology, the way we buy and sell homes is changing with the emergence of new options providing buyers and sellers more certainty, security and speed.
One of the fastest-growing trends is online auctions. This shift has been driven by a range of factors, including convenience, flexibility, and certainty, as well as the increased transparency and speed of transactions.
Key Benefits
With this method of sale, buyers can bid on properties online, 24/7, from the comfort of their own home, making the process far more accessible and convenient. This not only attracts a larger pool of potential buyers but also provides sellers with the opportunity to achieve the best possible price.
SPEED
One of the key benefits of online auctions is the speed of the sale. Rather than waiting months for a traditional sale to complete, where it can fall through at any time or a buyer can try and renegotiate, online auctions typically have a set timeframe for bidding, meaning that buyers must act quickly to secure the property.
This can help to create a sense of urgency among buyers and encourage them to place their best offer, resulting in a quicker sale for the seller.
TRANSPARENCY
Another advantage of online auctions is the transparency they offer. Unlike traditional property sales, where buyers and sellers can feel pressured into making decisions quickly, online auctions offer a level playing field for everyone involved.
Bids are shown in real time but are anonymous. Buyers can see how many other bids have been placed when they happen, which can help them make more informed decisions.
All bidders are able to see the current highest bid as well as previous bidding history and time remaining in the auction, which helps to build trust and confidence in the process.
BEST PRICE
Vendors have confidence that their property will never sell for lower than they wish by setting a ‘reserve price’ (which is confidential and not disclosed to bidders). The seller sets this reserve price which acts as a financial safety blanket, as the property will not sell unless bids meet or exceed this amount.
Additionally, online auctions can also help sellers to achieve the best price for their property. Because the process is competitive, buyers are encouraged to offer their best price in order to secure the property; combined with a broader pool of buyers, this can result in higher sale prices for sellers.
GREATER CERTAINTY IN AN UNCERTAIN MARKET
With the market we have found ourselves in where fall throughs and price re-negotiations are daily, the certainty of a sale via online auction where a legal pack is accessible to bidders in advance of bidding and a non-refundable fee or even exchange of contracts occurs when the timer reaches zero provides an unparalleled level of certainty to that of buying or selling via normal traditional methods.
Conclusion
Overall, the benefits of an online auction are numerous, including increased accessibility, faster sales, greater transparency, and more certainty. With these advantages in mind, it’s no wonder that more and more buyers and sellers in the UK are turning to this innovative method of sale.
If you have a chain-free property and would like more information about selling your property more quickly and with greater certainty book a demo with me today.
Jake Gann, Sales Director
AGENT TESTIMONIAL
"Bamboo was chosen for its innovative and personalised approach to this sector of the property marketplace, which has included an integral training and support service to all Bradley's sales staff.
This has meant that from the first day of working with Bamboo, Bradleys Estate Agents have been able to hit the ground running, offering a number of exciting new property instructions to the marketplace"
Chris Baxter, Bradleys
CUSTOMER TESTIMONIAL
"Modern, professional and effective bidding platform. I would especially like to give credit to Charley, who is helpful, extremely positive and an overall asset to Bamboo!
We have also had dealings with Michele who is always on hand to accommodate our needs. Couldn’t recommend Bamboo’s platform and their team more!"
- Jenny Shop