Traditional property auctions can already be daunting to most buyers, but moving it to an online space poses a whole other set of rules and guidelines.

If you’re worried about what to expect and what you need to do to prepare yourself for a different setup, you’re in for a treat.

Today, we’re going to take a look at online property auctions. We’ll be talking about the path online auctions were expected to take (and if any of it became a reality), the challenges buyers agents face, how different online auctions are in comparison to the traditional setup and much, much more.

If you enjoy the show, do give us a like, share it with others who you know will benefit from the show and subscribe to the podcast! We have loads of resources available and if you’d like to talk with us directly, send us an email at [email protected]!

See you on the inside!

 

Episode Highlights:

1. Meighan’s featured house for the episode [02:08]
2. Meighan’s first time bidding at an online auction [03:51]
3. The path online auctions were expected to take vs. what happened [05:27]
4. Online auctions in the face of lockdowns [08:04]
5. Three main types of online auctions [10:31]
1. Zoom auctions [11:00]
2. Auctioneers filmed on platforms [13:14]
3. The Ebay style [15:25]


6. The challenge of online auctions for buyers agents [19:20]
7. Bid increments can be controlled in online auctions [20:18]
8. What can you control during online auctions? [22:21]
9. How different are online auctions from in-person auctions? [23:48]
10. THIS is a sign of a slowing market [26:48] 
1. What agents do with pre-auction offers in a seller’s market [27:33]


11. Agents have more flexibility online when scheduling auctions [27:48] 
12. Alcohol during an auction is a dangerous pair [29:07]
13. Do people still experience F.O.M.O. in online auctions? [30:07]
1. What happens when a technical glitch happens during an online auction? [31:34]


14. Will online auctions take over the traditional auction setup? [35:06]
15. What you MUST do before going to an online auction [36:37]

 

Links from the show: 

• Innovation in Auctioning with Damien Cooley
• How Skilled Auctioneers Get Your Last Dollar with David Scholes
• Online Auctions with Jesse Davidson

 

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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