The last few moments of an online property auction are both an intense and exhilarating experience! As the clock counts down, potential buyers, the vendor, and the estate agent are on the edge of their seats, eagerly watching the outcome unfold.

This was the case for this semi-detached property in Lincoln, sold by Kinetic recently through Bamboo’s online auction platform. It had a guide price of £115,000, and with just five minutes to go the property had already attracted 87 bids with the highest at £198,000. It had 66 watchers and had amassed 6108 page views online.

As the auction comes to a close, every time a new bid is received within the timeframe, the countdown reverts back to five minutes left to enable anyone else to bid again if they want to. This keeps going until the auction closes with a winning bid of £209,000 – 81% above the guide price.

The buyer will have been pleased to seal the deal, the vendor happy with an additional £94,000 in their pocket and the agents are pleased as they know their fee will likely come in five to six weeks, the typical time it takes to complete when going through auction.

Over in Barnstaple, this parcel of land sold with Stags for 60% more than the guide price. With five minutes to go, there were 17 bids on the table, with the highest at £26,000. The online listing had received 5670 page views and had 17 watchers. With the bids coming in thick and fast, the countdown clock kept restarting. The auction finally ended after 25 bids, selling for £32,000, a 60% increase on the guide price of £20,000.

Online property auctions are a great way to sell properties, particularly in these examples where there are a lot of potential buyers interested. For the vendor, auctions offer the reassurance that you will get the best price for your property or land. The buyer can clearly see all the other offers on the table offering full transparency when bidding and allowing them to go higher if they want to in order to secure the lot.

When using Bamboo’s online auction platform, estate agents get full control of their listing, allowing them to set the pricing structure, timescales and any other features they want to have. Partnering with Bamboo gives agents another offering to add to their services, allowing them to help sell properties that might not be suitable through other methods. Because exchange of contracts typically the moment the auction ends, the possibility of the sale falling through is also greatly reduced creating more security and peace of mind for all involved.

Being able to offer auction as a service gives agents an additional revenue stream and with auction sales currently completing withing five to six weeks, agents get their fee much faster, greatly improving cashflow in a market where it can take over six months for a private treaty sale to go through.

If you would like to find out more about our platform, how we support agents and how you too can benefit, get in touch today.