If you’re thinking of selling your home or land, you may not have considered online auction. In fact, it’s most likely you’ve approached a real estate agent (or if you’ve really done your homework, maybe you’ve spoken to two or three) in order to get an idea of what your property is worth and to determine the best selling strategy. For at least 1,500 of those properties each week in Australia, the agent will suggest the best way for you to secure the price you want, is to sell through land or house auctions, which allow bidders to compete with each other to offer you the best price.

A traditional real estate auction usually consists of an auctioneer from your chosen real estate agency inviting registered bidders to attend your home or property, or in some cases, an event venue, to make competing offers for your home. Traditional auctions are often fast-paced and urgent, with momentum helping to build the property price.

So if traditional auctions have been around and have been effective for centuries, why change it up?

1. Reach

A traditional land or house auction usually requires a bidder or their bidding agent to be present at the auction venue in order to place their bids. This can make it very difficult for interstate or international bidders to be present – or even the guy down the road, if the time clashes with something else important.

Holding an online auction increases your reach – you can promote your property to people from all over Australia (and the world) and they can access and bid on the auction from any location of their choosing. Sale Ezy helps build confidence in this process by including up to three levels of ID validation for users – we also encourage solicitors to check ID of all parties before enabling exchange.

2. Timing

Like location, timing can be very restrictive. Traditional real estate auctions usually take place in very specific and tight timeframes. This means if a bidder has an important appointment or meeting, or just a holiday, they may not be able to attend the auction location within that timeframe. Online auctions, like those at Sale Ezy, mean auctions can run longer, giving reluctant bidders an opportunity to change their mind and place a bid, and interested bidders the chance to bid despite other commitments they may have.

3. Vendor control

One of the most common issues with auctions is they are high intensity and very stressful – and what makes them that way, is that you, the vendor, can feel like you have no control at all. Online auctions give back that control – you choose how your property is displayed, how it is advertised and promoted, when the auction takes place and if you make it available for Best Offer first to test the market – you even select when to make your vendor bid to start building momentum.

4. Bring on the bids!

A big complaint of first-time bidders is straight up fear of auctions. ‘What if I cough, or shoo a fly or point and I make a million dollar bid?’ ‘How do I know how much I’m bidding when I put my bid paddle up?’ ‘What if I make a split-second decision to bid and my partner disagrees?’

As a vendor, the process your bidders take should be just as much a concern for you as it is for them. While it may seem a good idea to put bidders under a lot of pressure, in a near-silent room (other than the auctioneer), where they can’t discuss their decisions with their partner – it can be exactly the opposite. Bidders, especially first-time bidders, can feel overwhelmed and as a result can inadvertently become an observer rather than an active bidder – and we all know, the more active bidders, the better the price.

An online auction still includes timeframes at the end of the auction that foster that sense of urgency, but they provide bidders an environment where they’re not worried about putting in the wrong bid by accident, where they can discuss their next move with their partner and they can see everything happening very clearly in front of them – no surprises. This creates a positive environment for participation and more active bidders.

Online property auctions are a new concept in Australia and that can be daunting – but if you want more control, more reach and all the positives of a traditional auction, without the negatives, they are definitely the way to go.