Around the country, restrictions on onsite auctions have loosened, with most states now allowing traditional auctions to take place. However, online auctions are still an option for many buyers, and several Belle Property agents are now choosing to offer a hybrid model of the two to suit the needs of interested buyers.
Toby Parker from Belle Property Balwyn recently sold a property via auction to an online bidder. Although the auction was also held onsite at the property, and there were a number of in person bidders, the winning bid on the day was made via an online auction portal – and Toby wasn’t surprised.
“In this case, we made the strategic decision to offer both an onsite and live stream auction as restrictions had only just lifted so we wanted to ensure buyers felt comfortable,” said Toby.
“I think the hybrid model offers the best of both worlds. If you wish to come in person to a live auction, that’s an option for you. But if you don’t yet feel comfortable, or if you simply prefer the idea of bidding from the comfort of home, having the online option available makes it an open playing field,” said Toby.
The hybrid model offers benefits for vendors too.
“In this case our vendor had moved prior to the sale and they were living out of town. The live stream also meant they could watch the auction from their new home and have complete transparency over what was going on without having to travel back to their old property,” he said.
“We’re all about aligning the sale strategy with the vendors and the buyers so we get the best outcome for all parties. If you’re considering selling via auction, then the hybrid model is a good chance to ensure you’re getting all the possible interested buyers present on your auction day.”