Online property auctions are fast becoming a popular and convenient way to buying and selling real estate. Over the past year, the Australian real estate industry has undergone some massive changes due to the Covid-19 pandemic. As a result, real estate companies have had to adapt to new technologies to provide an accessible and safe way to transact and purchase properties. Because of this shift from in-person to online property auctions, this digital method is rapidly becoming a popular and convenient choice for buying and selling real estate.
At Your Australian Property, we have achieved excellent results via online property auction bidding and related services. We have also assisted many of our longstanding clients to downsize from their large family homes to more practical and manageable inner-city townhouses.
Your Australian Property values advances in technology and our experience has shown there is still a way to go before the ideal solution is found when it comes to online property auction platforms as they are still in their infancy. Below you’ll find our comparisons of the many different types of online platforms.
What Are the different types of online auction platforms?
There are 4 major types of Online Property Auctions Platforms within Australia, including:
Video Conferencing – such as Zoom or Google Meets
Live Streaming
- Traditional Live Streaming such as YouTube or Facebook
- Auction Platforms with Live Streaming such as Anywhere Auctions or Gavl
Time-Based Auction Bidding platforms
Real Estate Specific Auction Bidding platform
- Proprietary platforms that are invite only and typically branded to the selling agent’s branding.
What are the different Video Conferencing platforms available in Australia?
Typically, prior to an online video conference auction, the selling agent will require those interested in bidding to do some pre-call checks to ensure there are real bidders able to commit to the auction. This isn’t always necessary but it can assist the Auctioneer with knowing who’s just watching and who’s likely to bid.
Zoom
Online property auctions held via Zoom work in a similar manner to public auctions. All auction rules still apply it’s just that it’s completed from the comfort of your own space.
At the Zoom online property auctions I’ve attended, the auctioneer normally asks the buyers and participants to remain on mute until the auction has commenced or if there are any questions.
During the auction, all participants who intend on bidding at the online property auction will need to unmute and turn on their cameras to ensure that the auctioneer can hear and see online bidders who intend to make a bid. Participants who do not intend to bid, are requested to turn their camera off and go on mute to minimise any distractions or disruptions during the bid.
Points to Consider:
- Super user friendly
- Has waiting rooms prior to joining a call
- Powerful Access Control for the text and audio chat
- Supports 100 simultaneous Video Callers
- Supports Multiple Displays (so you can see all the videos at once)
- Built in recording functionality
Zoom online property auction platform not only allows the auctioneer to call the auction live virtually but it also allows all participants to see the other bidders actively placing bids no matter where they’re residing. The best part about Zoom online property auctions is the complete transparency, as all of the bidders can see each other. Potential purchasers can have total confidence knowing they’re not bidding against a fake or dummy bidder.
Google Meets
One of the benefits of using Google Meets as an online real estate auction platform is that most bidders get to see other people bidding. However, similar to Zoom, some auctioneers won’t make it compulsory for all bidders to have their cameras turned on.
Google Meets online real estate auction platform is similar to an in-person auction just like Zoom. It’s like watching a live video of the auction. It’s also an uncomplicated system.
If someone invites you to a Google Meets online property auction, you can join easily and conveniently without creating an account. Simply click on the link and wait for the host (i.e. auctioneer) to allow you to join. A Google Meets account is only required if you need to create your own meeting and send invitations to other participants.
Points to Consider:
- Formally called Google Hangouts
- User friendly
- Supports 100 simultaneous Video Callers
- Unlike zoom this lacks the Access Control
- It also doesn’t support multiple screens so you’re limited to as many people you can fit on a single screen.
WhatsApp
Very Similar to Zoom and Google Meets however this platform only allows a maximum of 8 video participants whereas Zoom and Google Meets allow up to 100 simultaneous video callers.
This makes the platform more likely to be used in conjunction with a small group of bidders and a physical auction.
Points to Consider:
- Owned by Facebook
- Requires a Phone with the App
- Not a great new user experience especially for non-tech inclined people.
What are the different Live Streaming platforms available in Australia?
Traditional Video streaming platforms such as Facebook Live and YouTube live were previously used to illustrate how an auction works. To place bids a buyer would typically need to be pre-registered with the agent and be bidding via the phone or live chat.
The drawbacks of Live Streaming auction bidding platforms are the risk of data leaks, negative financial impacts when awaiting deposit refunds, privacy issues and internet quality issues. So, if you’re not too keen on sharing these confidential details online, these Live Streaming platforms may not be for you. However, you can always opt to work with a buying agent who can bid on your behalf. If you win a bid, you can finalise the deal the same day using integrated contract signing.
Anywhere Auctions
Anywhere Auctions is definitely trying to be a full-service Auction Bidding Platform. It allows bidders to search the listings on the site. It also lets you watch and participate in property auctions as they unfold. You can use their bidding platform on your mobile device or computer to access the auction live.
To bid on Anywhere Auctions you’ll have to first select the property you want and then register using your ID. As an added security, you’ll also need to register your credit card details for pre-authorization of the nominal amount of the bid. This two-step verification ensures every participant in the bid is a real human being.
Points to Consider:
- Requires Credit Card pre-authorisation to Bid
- Requires ID to be uploaded
- Lacking in transparency with: can’t see other bidders; can’t see historical Auctions in details; and can’t see how many bids lead to the auction price
- Requires an account to view an Auction
- Poor user experience in bidding as you have to write the bid amount as opposed to pre-defined buttons
AuctionNow
AuctionNow is Australia’s newest platform for online property bids. Through the platform, you can watch, register, bid, buy and exchange live property auctions in real-time. To become a bidder, you have to first upload your ID, provide supporting documents and wait to be approved by the agent.
Similar to other online auction platforms, the biggest drawback in using AuctionNow is the wide number of competitors. If you happen to bid on a property that many people are interested in, you may end up with drawn-out bidding and pay higher than your expected price. Also, it can be intimidating for first-time bidders to participate in a bid with too many people. In this case, you choose to work with a buying agent.
Points to Consider:
- Can’t see previous auctions
- Can’t see who’s placing particular bids
- Has both Live and Time-based auctions.
- Has a limited amount of Property Detail, typically linking to a listing site to see more about the property
Gavl
Gavl is an app developed to help the real estate industry have an easier time during the pandemic.
The app allows purchasers to browse listings, shortlist, and inspect properties. It also allows buyers to watch and bid at auctions at the comfort of their homes. The auctions happen in real-time.
Gavl has the unique ability to turn any street auction into an online auction if the auctioneer agrees to a purchasers request to do so. This capability is likely to help grow the platform in a post covid environment.
Compared to other platforms, making an offer on Gavl is a bit more complicated with pre designated $ amount buttons having to be pressed twice hence slowing down the bidding process. Buyers first have to complete offer conditions and submit them to the selling agent. The selling agent will then have to present your offer to the seller and wait for them to respond before you can continue.
Points to Consider:
- Has the ability to show past auctions
- Can’t see who’s placing particular bids
- Uses “Vix Verify” to verify your identity
- Offers the ability to turn any street auction into a digital auction.
Auctions Plus
Unlike most of the above this platform is not specifically a real estate auction platform but more of a traditional auction house. Its main focus is on the Agriculture Sector. However, this likely means the buyers who would use it are likely familiar with the platform.
Points to Consider:
- Can’t see who’s placing bids
- Very Old feeling
- Allows for “Auto Bidding” like eBay
eAuctions
In eAuctions, real estate agents electronically capture and record each bid using the eAuctions Agent App. The bids are published to your mobile device as they happen, so you never miss a thing. You have the convenience to access the auction results wherever you are.
Unfortunately, with this particular platform, you cannot see other bidders. As I said previously, all online property auction bidding platforms should be live-streamed (like Zoom or Google Meets).
Transparency and integrity are both critical to ensuring any new system survives and remains financially viable.
Points to Consider:
- Can’t see who’s placing bids
- Can see previous Auctions including bid amount over time
- Will also require your ID to verify who you are prior to bidding
- Offers SMS notifications of the opening and final bids for the auction
What are the different Time-Based Auction platforms available in Australia?
These operate primarily as an older style Auction House. This is where eBay has its roots and the most common online Auction place in Australia would be Grays online.
Openn Negotiation
Openn Negotiation is a sales method managed by real estate agents designed to help buyers and sellers find the true market price for a property, through an online bidding platform.
Using the app buyers can place bids, make offers, track negotiations and digitally finalise a property purchase – anytime and anywhere. Bidders can also track the number of buyers they’re up against. All of these digital transactions happen in real-time and are tracked 24/7.
The downside of using this app is that bidding may take longer compared to other apps since negotiation is a huge part of this platform. Biddings may last for days. If you aren’t logged in on the platform, you’ll know through an app notification that you’ve won.
SoldOnline:
SoldOnline (previously known as AuctionworksOnline) has been developed by David Scholes.
Its primary feature is the ability to bid calmly and in private without stressing about quick bidding as is common in traditional auctions. To register, you’ll have to send your ID and input other personal details for verification. You’ll also need to share your email address and phone number. You’ll be notified via them once the property bid opens. There will be notifications for the last 24 hours and the last one hour of bidding.
If slow-paced bidding and sharing private information isn’t up to your alley, SoldOnline may not be the best choice for you. Also, since you can’t see other bidders real time, there’s the issue of transparency.
What should I consider when joining an online property auction?
Online property auctions aren’t for everyone. If you aren’t familiar with how these auction platforms work or if you aren’t familiar with property auction bidding in general, you may end up losing out. The same may happen if you choose to work with a third-party company. There’s the potential issue of having your privacy breached.
In this case, it’s better to directly work with selling agents as you would normally do on on-site auctions. Buyer agents, like the professionals at Your Australian Property, are bound by our strict work ethics. This means that we do our best to protect your privacy while at the same time ensuring you purchase properties according to your specific requirements at the best price. We do the groundwork for you and ensure your details remain confidential and anonymous.
Conclusion
When it comes to transparency and fast turnaround time, we’ve found Zoom and Google Meets are the best online property auction bidding platforms in Australia. Using online property auction bidding platforms such as Zoom and Google Meets gives buyers full transparency in the property auction bidding process.
All online property auction bidding platforms should make it compulsory for all bidders to have their cameras turned on or the ability of seeing who is placing the bid or seeing the persons who may intend to bid.
By engaging our highly successful and proven Online Property Auction Bidding Service, you will remain 100% anonymous when being represented by Your Australian Property. We register on your behalf without disclosing your contact details meaning your privacy is protected. Additionally, by using our services (rather than doing it yourself) Your Australian Property is protecting your anonymity from the selling agent. For instance, let’s say you did the online bidding for yourself but unfortunately you lost. The ramifications are that it will destroy and comprise any future negotiations you may have with that same selling agent, as they now know what your maximum purchase price limit is! Is it really worth taking a risk when it’s your money at stake?
Our expert property team at Your Australian Property has the skills and the know-how to navigate online property auctions with ease. If you need to know more, our team would be happy to discuss any aspect of the process further by contacting us on 1300 998 688 or +61 3 8899 6327. You can also submit your queries through our website at https://www.youraustralianproperty.com.au/contact/
About Your Australian Property
Your Australian Property is a Melbourne-based buyer’s agency with more than 30 years of experience in the field. We specialise in providing personalised services targeted towards helping clients secure the property they desire with confidence and ease.
Media Contact
Company Name: Your Australian Property
Contact Person: Zac Newbold
Email: https://www.youraustralianproperty.com.au/contact/
Telephone: 1300 998 688 or +61 3 8899 6327
City/ Country: Melbourne, Australia
Website: https://www.youraustralianproperty.com.au/online-property-auction-bidding-melbourne/
