How to sell online with public bidding
Public bidding is a great way to build momentum and create competition, while benefiting from the binding offers of auction. To use our public bidding method, follow the Ezy instructions below.
Don't forget, we are always here to help! For further guidance, call your dedicated support partner on 1300 662 013, email us at firstname.lastname@example.org or try out our online chat between 7am and 8pm (bottom right of this screen).
1. Start your account
So, you've decided you want to sell using one or all of Sale Ezy's online sales methods, great! Let's get started.
First step, use our online chat, email (email@example.com) or phone (1300 662 013) to have a quick chat to our friendly team so they can set up your online profile.
You'll be allocated a dedicated support partner who will become your first point of contact if you have questions.
2. List your property
With your account set up, go to www.saleezy.com.au, log in (top right corner) and then click 'list a property' in your profile. This will bring you to our listing form.
PREPARE TO LIST
Fill in all the mandatory fields in the listing form and any optional fields for which you have information.
Some things to look out for:
- You will need a minimum of four property photos
- You can embed or upload video or 3D tours
- You will need to set a 'minimum bid', a 'reserve' and dates for 'best offer' and 'final call' (see below) -- this controls your sale
- You will need to upload a copy of the contract (only visible to registered buyers) and a copy of your comparables (not visible to anyone)
- You can upload any other files for potential buyers -- audio, video, images, documents -- which will be visible on the listing
- You will need to include the vendor's details and their solicitor details for sales advice.
Once complete, submit the form (or save the draft for later). You can then select if you would like to purchase a digital marketing package or not, and then your property will be live immediately.
- Best offer: our private offers system. Set a start date and the property is available for offer until it sells, is passed in or withdrawn. You can also choose to have the property transition into final call after a period in best offer. Registered buyers submit private binding offers under auction conditions, and the sale ends when an offer is accepted.
- Final call: our public bidding system. Set the timer for an hour and allow registered bidders to submit public bids and compete against other bidders, the clock and your set reserve. At the end of the hour, watch 30 seconds each for 1st, 2nd and 3rd call (which remains on cycle until no more bids), and see the hammer fall at the end of 3rd call if the highest bid is above reserve. If the property doesn't sell, it transitions into best offer until sold.
- Minimum bid: in best offer and final call it is advisable you set a minimum bid in your listing form. Any offer or bid below the minimum bid will automatically be refused and not included in the bid log as the auctioneer deems it not in the best interest of the vendor or auction. Set your minimum bid to the bottom of your 10% range.
- Reserve: Like a stand up, traditional auction, your reserve (not displayed to anyone) dictates the price at which the property is 'on the market' during final call. If a bid is made equal to or higher than the reserve during final call, the property will sell.
3. Buyers register
Final call will start at the time and date you select, and it will continue for the period you have set until 1st call starts (we recommend an hour). First call will then run for 30 seconds, followed by 30 seconds each for 2nd and 3rd call. If a bid is made, 1st call will begin again. The cycle will continue until no more bids.
At the end of 3rd call, if the highest bid is equal to or above reserve, the hammer will fall and the property will be sold. If not sold, it will transition to best offer until sold.
Once a buyer has seen the property (or sent someone to see it for them) instruct the buyer to visit the listing page on Sale Ezy again so they can register as a buyer.
You can send them to this page for simple instruction on how to register, make offers, bid and buy.
When they submit their buyer registration form, you will immediately receive an email asking you to view their attached picture ID and approve them to bid.
Once you click the button to approve them, they can begin bidding as soon as your set public bidding period commences.
4. Bidding begins
Registered buyers visit the listing page on Sale Ezy, type their bid in on screen and submit. The bid, including the amount, appears in the bid log for all to see. The minimum bid rises to $5000 above the last bid.
The most recent highest bidder is notified their bid has been superseded.
Bidding of this nature continues as the clock counts down to the time you set for first call. If the bid reaches or surpasses your set reserve, 'on the market' will be displayed.
When the timer finishes, 30 seconds each is added for 1st, 2nd and 3rd call, and minimum bid becomes $1,000. If a bid is made at any point, the timer returns to 1st call and the cycle continues until 3rd call is completed with no new bids.
During the main body of the auction and final call, as the agent/auctioneer, sit with or call buyers and ensure they are keeping an eye on proceedings. Communicate with them as you would if you were in the room and help them develop a winning auction strategy. Communicate with your vendor so they feel comfortable with the process.
At the end of 3rd call, if the bid is equal to or above reserve, the hammer falls and the property is sold. If it does not meet reserve, it transitions to best offer until sold.
5. Bids are made under auction conditions
When communicating with your vendor and buyers, emphasise to them that every bid is made under auction conditions.
Once the hammer falls and the property is sold, no further negotiation can occur, and all parties are legally obligated to proceed to exchange immediately.
Note, in NSW, exchange and deposit payment must occur by the end of the day the property is sold. In other states, it must be initiated and occur immediately.
Exchange can occur in one of three ways:
Traditional: Sales Advice is sent to both solicitors upon hammer fall and a copy of the contract is sent to them when a buyer registers. Solicitors can enact exchange immediately upon receipt of these emails.
Auctioneer signature: All buyers, when registering, sign an authority which permits the auctioneer to sign on their behalf should their offer be accepted or their bid be successful. Upon hammer fall, the auctioneer can sign the contract and exchange.
Signature page: The agent is sent an email when the hammer falls with instructions for exchange. Within the email is a link to a signature page. The auctioneer can fill in the signature page and send to the buyer and seller to print, sign, scan and email back with the linked contract. They will also include a copy of a provided letter stating the original contract will be mailed via express post immediately.
Please ensure you discuss all options with your vendor and buyers prior to an offers being submitted and reach an agreement as to how they would like to proceed so there are no delays.
If your buyer would like to be present to sign the contract, contact them before accepting the offer, arrange a time to accept it (within 24 hours of its submission) and ensure the buyer is with you or their solicitor to sign the contract when the accept button is clicked.