What Makes Online Auction the Best Choice to Sell Property?
June 15, 2023
Gone are the days when people used to connect with several agents and multiple physical visits taking weeks and even months to buy a property. We live in the digital era now where the real estate buying and selling process has changed tremendously over the years. When it comes to buying and selling a property, auctions can be a great way that offers convenience and ease, which has made the home-buying process seamless.
Research says more than 40-50% of properties are sold with the help of auctions in Australia as compared to 3-4 percent in England and Wales. As the number of new homes built increases every year, it is becoming common for all properties to get sold through auctions. In this blog, we will learn about the significance of Real Estate Online Auctions when it comes to property sales.
Significance of Auctions in Selling Homes
One of the main problems faced by home buyers while using the traditional approach is that it can take several months to buy a home of their choice due to delays in message exchange, meetings for documents, and physical location visits.
Talking about property auctions, we only think about attending live room auctions, which can be infrequent, inaccessible, and intimidating. This is why real estate professionals are looking for a better alternative that can make auctions more accessible, transparent & organized.
The solution is online property auctions, which can help to simplify the home buying and selling process with secured and streamlined property transactions. Bidhom is a trusted Free Real Estate IDX Website Builder platform that allows sellers to list their properties through property agents and set a reservation with the full freedom to choose the auction period length.
Online auctions allow buyers to search for the desired property and place bids on the same effortlessly.
Also Read: 9 Never Neglecting Real Estate Marketing Strategies
Reasons That Shows Auctions are the Better Way to Sell Homes
In this section, we will find out how the real estate online auctions will help in making the property selling and buying process seamless for both buyers and sellers saving efforts and time.
- Larger Reach to Target Audience
If we talk about the advantages of using real estate online auctions, one of the most important things is that it offers broad reach which means they have a high capability to attract potential buyers from all across the world.
Sellers are more likely to connect with genuine home buyers that are looking forward to making the purchase, increasing the chance of receiving competitive bids. Using an online auction real estate platform enables sellers to market their properties in the right way and attract the right kind of buyers at a lower time.
- Quicker Sale of Property
We know that selling real estate via online auctions is more efficient and quick unlike the traditional way of selling, which takes several months. With online auctions, the home seller can set a time frame during which the auction will take place and interested buyers can bid on the property during that period.
The home is sold to the highest bidder once the auction is completed. This means that the entire process can be concluded within a few weeks, which is much faster and effortless.
- Higher Transparency Between Buyers & Sellers
Having seamless communication between home buyers and sellers is an important aspect and online auctions offer a high degree of transparency between both. Using the competitive bidding process in auctions, each interested party can either establish a maximum bid or amount that they are willing to pay or participate in placing bids during the auction.
Eventually, this will drive the price to a higher slot and maximize the realistic value of the property at hand.
- No Fees or Commissions Charged
When we talk about traditional real estate sales, we know that it involves various fees and commissions like agent fees, legal fees, and others. However, in online property auctions, the sale of the property offers a lower cost for the sellers as they don’t need to rely on third-party agents.
While going through agents, the costs can add up quickly and even take away the seller’s profits. On the other hand, online auctions have lower transaction costs, as they do not rely on the same level of legal and agent fees.
- Better Property Price
Another best thing about online auctions is that it offers a better price for the sellers. If you are wondering how it is because of the competitive nature of online auctions that encourages interested buyers to bid higher and win the property. This can result in a higher sale price of the property as compared to the ones achieved through traditional real estate sales.
In addition to that, the sellers also have the option to set a reserve price, which is the minimum price that they are willing to accept for the property ensuring that the property is sold at a fair market value.
- Ease and Convenience
Forget about the hassles of booking appointments with agents for countless visits to the property, which can end up wasting several months. Go for online property auctions that are beneficial and offer convenience to both parties i.e. buyers and sellers. Yes, everything can be done online from the comfort of your home/office or anywhere, without the need for physical meetings or property examinations.
This is especially helpful for home buyers that are located in different parts of the world as they can take part in the online auction without the need to travel & being present physically.
Also Read: How to Pick the Most Profitable Real Estate Niche for Guaranteed Success?
Final Takeaways
As we witness the growing demand for property auctions, real estate professionals must start making use of reliable Property Listing Management Software that can simplify the home selling and buying experience with benefits like better reach, quicker sales, transparency, better price, etc.
Auctions have undoubtedly become a great way to sell any property type as online property auctions offer an efficient and convenient way for both sellers and buyers to complete transactions without physical meetings.
If you are planning to simplify the experience for buyers and sellers, connect with the experts of BidHom, a reliable real estate auction platform that offers a wide range of advanced features to help you build your property website from scratch or update an existing one.