In 2012, global business to consumer (B2C) ecommerce sales grew 21.1 percent, topping the $1 trillion mark for the first time, according to global estimates by eMarketer, an independent market research company. During the same time, over 90 percent of the homebuyer population searched online to find their house, according to the National Association of REALTORS®.
While many agents and brokers have learned to navigate the online real estate world, until recently, there was a lack of services to adequately meet their specific needs. Mainly the ability to transact online (and reap the benefits of an online auction process for their clients.)
The Future of Real Estate
Through the advent of online real estate platforms—particularly those that offer online auctions—agents and brokers have finally been provided with an innovative and effective method to sell properties. Online auctions accelerate the real estate marketing and sales process through competitive bidding. It’s a winning strategy for agents and brokers alike.
What makes the online auction process particularly appealing to agents and brokers is the assurance that a property will be sold at true market value, through a mutually transparent process. The sense of excitement created by the auction also attracts more buyers. Additionally, the defined selling period of the auction sale method has been shown to speed up the process and create competition among buyers. In fact, the price of homes sold through an auction typically exceeds a property’s list price.
