In our experience so far, online zoom style auctions appear to be achieving the same results as onsite auctions and no barrier to achieving the desired result.
We still like onsite auctions – who doesn’t, with the theatre and the buzz around a freshly prepared property. After all, generally speaking, properties are at their best on auction day – with gardening/landscaping, staging, renovations, all repairs done, upgraded flooring and a fresh coat of paint. An onsite auction is like a party – the property is all dressed up, excitement in the air and great expectations by vendors and buyers alike.
Vendors naturally want to have their properties looking the best on auction day – the stakes are high. We observe that vendors have often lived with the idiosyncrasies of their properties for years. But come auction day – presentation is (generally) exceptional!
And yet, to date, online auctions, forced on agents by the Covid protocols, are working well, achieving the desired results without any market slowdown. Vendors are still encouraged by the good results and progressing to a listing, and buyers are attending and buying, as seen by the high clearance rates over the last weeks.
We also observe that auctioneers tend to slow the procedure down for online auctions, allowing time for people in their preferred environment to make calls, discuss openly with family and friends (on mute, of course!), and carefully consider their next bid.
Do you have a strategy to be successful at an online or onsite auction?
Buyers need a winning strategy to be successful at an online or onsite auction. At ela Property Advocates, we employ strategies to help you consider all the options and improve your chances of success. We help you make good property decisions.