An online auction marketplace provides plenty of benefits to sellers, with an extended market reach being just one of the many advantages. The property online auction house will market and list properties to a large number of interested buyers, while online auction technology makes the bidding and exchange process quick and simple to complete.

In this article, we’ll discuss even more benefits of an online auction marketplace and highlight just how this method of selling properties has significantly expanded the market reach of estate agents across the country.

Greater Market Reach

Leveraging the power of a fully digital marketplace, online auctions allow buyers to place bids from anywhere in the world at any time. Agents using Bamboo’s technology have seen buyers register or access their online auctions from over 60 countries, with thousands of page views and unique visits per day. A buyer searching for their next property purchase has been able to do this online for decades. With an online property auction, buyers can now transact and buy their next property online as well.

Efficiency Of The Online Auction Marketplace

An online auction marketplace is efficient and this is not just because there’s less extensive paperwork involved. Potential buyers must all register and authenticate themselves before bidding on any properties, with the legal pack for successful bidders already prepared and downloadable. The successful bidder will also be ‘locked in’ into the purchase once their bid is successful, as explained in further detail below.

Speed Of Online Auctions

The standard procedure of buying a property is usually a very long and drawn-out process with legal papers going back and forth at the mercy of solicitors. With online auction technology, the legal pack is ready to be downloaded on every listing.

Using online auction technology this way can also increase the number of bids by building more momentum during the auction, with spikes of activity often driving the bids higher and higher as the auction draws to a close.

Lower Risk Of Sale Fall Throughs

One major challenge in property transactions is the occurrence of fall-throughs. The online property marketplace is less prone to such fall-throughs. For some agents who use Bamboo’s technology, property online auction sales boast an impressive success rate of around 80%.

With a traditional private treaty sale, there are many challenges that can cause a transaction to fall-through; such as buyers or sellers changing their minds, a survey producing adverse results, a mortgage valuation coming in too low, a failed mortgage application or a chain fall through. The online auction marketplace and its online auction technology minimise the risk of such fall-throughs, ensuring a high success rate to give sellers real confidence in the property online auction process.

Discover the unmatched benefits of our cutting-edge software for online property auctions. Secure, transparent, and swift transactions are just a click away! Get in touch with Bamboo Auctions today.