Benefits of online auction

Have you ever been looking through or even your local paper, and come across a property that interests you, but once you see it is advertised 'FOR AUCTION', that little voice inside you immediately screams 'NO WAY'?

While auction is a relatively popular real estate selling method in major cities like Melbourne and Sydney, in regional Australia, far less auctions take place and far fewer people seem willing to participate in them.

Pomeroy Goulburn real estate

Whether it's the inconvenience of having to turn up to a designated location at a specific time, the fear of competition or the deafening quiet of strategic bidders, there's just something about auctions that make some of us feel uncomfortable. 

Sale Ezy was designed to take advantage of the 'binding' nature of auction offers -- that legal requirement that both parties proceed once the hammer has fallen. But it is also quite different from traditional auction -- it addresses some of those common qualms and discomforts buyers feel about stand up, on-location auctions, and provides a sales method that really is equally beneficial for both buyer and seller.

So, what are some of the key differences between traditional and Sale Ezy online auctions?

 1. Private and public bidding = unique opportunities

In most traditional auctions, you register as a bidder, and when you wish to bid, you raise your paddle or call out a number. The auctioneer repeats the number so everyone knows exactly what you've offered, then they bid against you.

Sale Ezy's auctions start* with 'best offer', a private bidding period that can run for several weeks. During best offer, you submit your bid and the auctioneer and owner can consider and even accept it, selling you the property right there and then, under auction conditions. 

If they don't accept your bid, you can bid as many times as you choose.

After several weeks, if no bid has been accepted, we hold an hour of public bidding -- approved bidders type in offers on screen for everyone to see (no personal details are published), and a clock counts down the hour. If at the end of the hour, your bid meets the reserve price and is the highest, the property is yours!

These two stages of auction make the experience much easier to manage and more comfortable for most buyers. You have the opportunity to offer and buy early, or a second chance, to compete in public bidding -- all online.

2. Momentum achieved with more time!

Traditional auction is designed to create a sense of urgency, to build momentum. It does so by offering a property for sale to attending bidders in what is usually a very short period of time.

What this can do is motivate people to get in quickly to bid... In contrast, it can also leave others too uncomfortable or under pressure to even consider registration. 

Sale Ezy knows momentum is important, but we create it in other ways. Our sales don't run for mere minutes, in fact, they can run for weeks -- meaning you may have time after the auction starts to get your finance approved if you're a little late to the party.

Sale Ezy's urgency comes from the fact that our auctions run in two different stages, best offer and final call.

While private bidding during best offer can last for weeks, all buyers know if they don't get a bid in and accepted, the property will proceed to final call -- public bidding -- where they will need to get competitive or risk missing out on their dream property!

3. Honesty and transparency are built in!

If we had a dollar for every time we speak to a buyer who says they 'had no idea' what was going on at the last traditional auction they attended... well, we'd be able to let you use Sale Ezy for free!

Traditional auction is great! It's exciting, it can be fast, the auctioneer is often incredibly talented and skilled -- and everything is happening verbally. For most of us mere mortals, keeping up and even knowing what the bid increment is can be tricky.

With online auction, when a bid is made during best offer, the screen updates to tell everyone a bid has been made, and every registered buyer is notified by email, so you all have the right to respond -- you will never miss an opportunity!

During final call, our consistent minimum bid intervals mean you always know how much needs to be bid, you never feel silly if you get it wrong and the fact you type in your offer yourself, gives you complete control.

Likewise, every single bid amount shows on screen for everyone to see, so you never have to wonder what the bid is or what you need to offer next to stay in the game.

4. Bid from home... or the bus, hairdressers or footy

There's something to be said for convenience -- and these days, with so many commitments and obligations taking up our every moment, all we want is just a little more of it.

Traditional auction is almost like taking a flight, it's not just a matter of turning up and jumping on board -- no, you need to turn up early, re-inspect if possible, register, then wait around for things to get started. A ten minute auction can take hours from your day. 

Once things get started, the plane trip turns into a cinema experience, and mobile phones need to be switched to silent, noisy food packages must be discarded, and your voice has to be dialled down to a low whisper.

Imagine an auction where you can openly chat about your next bid with your husband, wife or partner? You can debate, discuss, convince, do math. Imagine being able to get audibly excited when it looks like you might come out on top, and comfortably and naturally announce your disappointment if you don't.

Being able to bid from home doesn't remove the momentum or emotion, it can even dial it up, because you don't have to hide it!

Your auction experience will still be exciting, but it will be exciting on your terms, in your house, in your own way... and every decision can be a group decision, made after a conversation of all the pros and cons.

Will online auction replace traditional auction?

The quick answer to this one is NO WAY!

Traditional auction is a craft; auctioneers are skilled professionals -- but the world is changing, and in order to meet the needs of buyers and sellers, real estate agents need a new option to consider when selling property.

Online auction is an amazing marriage between private treaty or tender, and traditional auction, and while it won't be perfect for all properties, it will be a prominent way to buy and sell in the very near future.

Still don't want to bid in an auction? Here is a good, quick read to help.

Want to see how online auction works and how easy it is to bid? View our how it works page.

* Auctions are customisable and can include only best offer OR final call OR both.