Online Auctions Gain Momentum During PandemicBy Shawn Terrel, President of Auction Services
August 27, 2021
While auctions have historically been live, or in person, online auctions have gained momentum in recent years as technology enhanced.
Auctions have been around for centuries to sell goods, livestock and more. While they have historically been live, or in person, online auctions have gained momentum in recent years as technology enhanced. This has changed the landscape of the traditional auction industry. Today, online auctions are growing in popularity amongst Realtors and consumers alike. These auctions are used as a marketing method that not only creates acceleration and excitement, but also convenience for their clients.
Auctions are an effective marketing method for most property types and have proven to work well in real estate. An increasing number of real estate brokerages see the value in offering a wider range of solutions to their clients, which include auction services. Online bidding platforms have also solved many challenges for real estate companies as they expand their service offerings to include auctions.
The primary advantages that online auctions have over the traditional live (out-cry) auctions include:
The Chant. Online auction platforms forego the traditional live chant of the auctioneer, which can sometimes be confusing to novice bidders. All bidding is facilitated electronically in the online bidding platform. Removing this barrier has created a much larger opportunity for the real estate community to leverage the auction method of marketing.
Equipment Needs. A mainstay in the live auction profession is the speaker system, which allows an auctioneer to be heard above the noise of the crowd. Online auctions remove the need for expensive equipment like speaker systems, projectors, recorders and more.
Facility Rental and Logistics. If you’re dealing with inclement weather or a hard to access remote location, onsite logistics of a live auction can be a huge concern. There’s no need to worry about driving long distances, worrying about storms rolling in or long checkout lines.
Auction Personnel. When conducting a live auction, there are staffing needs that can include an auctioneer, bid spotters, clerk, and registration agents. An online auction eliminates these needs, saving you money as a seller.
United Country Real Estate is fully aware of the opportunities that exist with online auction bidding technologies and have successfully integrated both live and online auction solutions into their core service offerings for more than 15 years. These services have allowed franchisees access to auction programs such as online bidding platforms, project marketing, development and event training, auction supply discounts and much more that are added services for their clients.
As the real estate industry continues to evolve, we expect to see the auction method of marketing taking a much larger role. Real estate auctions are continuing to become more widely recognized as a powerful alternative to traditional sales strategies.
United Country Real Estate is the largest fully-integrated network of conventional and auction real estate professionals in the country. To learn more about United Country Real Estate or United Country Auction Services, visit www.UnitedCountry.com