Online auctions become the new way of selling

UNDER THE HAMMER: Online auctions become the new way of selling.
UNDER THE HAMMER: Online auctions become the new way of selling.

While public auctions and open houses are on hold, it hasn't led to a shut down of the real estate industry.

Innovative agents are making better use of technology and rolling out live-streaming of auctions and virtual home tours.

McGrath Estate Agents reported that their recent online auctions and virtual inspections using the latest technology were proving to be successful as the real estate industry has adapted quickly to the necessary legislation of social distancing, operating remotely and significantly reducing any human contact.

Their live streaming of auctions has seen multiple bidders participate from the safety of their own home, as the auctioneer conducts the auction from either the property or from another location.

"We've been pleased to see many examples of live-streamed auctions across our network that have proven to be popular with our clients, with multiple bidding activity through the platform," said McGrath CEO Geoff Lucas.

"We're also seeing large numbers of digital onlookers, with over 130 viewing the activity online for the successful Alexandra Street Hunters Hill auction.

"Equally our agents have been conducting virtual inspections of properties through Facebook and Instagram Live with the ability to showcase and highlight special features of the properties."

Founder John McGrath "We are simply shifting the way real estate is being conducted whether it be open homes to private appointments and how we transact real estate. We are fully supportive of the Government's efforts to slow the spread of Coronavirus."

On March 28, 14 Hampton Road, Sylvania Waters sold for $1,596,000. Michael Lloyd of McGrath Sylvania said the auction had 28 viewers online, with seven registered bidders. The home went under the hammer after three active bidders placed 17 bids.

3 Limeburners Road, East Geelong sold for $1,020,000. Agent Wayne Baker said they had four buyers online and one on the phone. The home attracted 18 bids in total.

Innovation has been the hero among the doom and gloom predictions and Ray White Tea Tree Gully has the perfect example of that.

Sales Agent Mohit Gupta sold 5 Melveen Street in Modbury for $350,000, having never met the vendor or buyer before.

"I knew before I won the listing this property had huge development potential and I trawled through my database to reach out to people who may have been interested," Mr Gupta said.

"We had three registered bidders on the night and I had never met any of them - it was only yesterday I saw the eventual buyers' face for the very first time - and the bidders, including the purchaser, never visited or saw the property physically.

"It's fair to say there are some sceptics out there and it's our job as agents to overcome that. You can see by this sale that buyers will pay the right price for the right property.

"We've seen the quality of buyers increase dramatically as there is less window shopping and more people who are genuinely interested in purchasing."

Buyers will pay the right price for the right property.

Mohit Gupta, Ray White Tea Tree Gully
This story Innovate to relocate first appeared on Port Macquarie News.