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.
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See you on the inside!
● Meighan's featured house for the episode [02:08]
● Meighan's first time bidding at an online auction [03:51]
● The path online auctions were expected to take vs. what happened [05:27]
● Online auctions in the face of lockdowns [08:04]
● Three main types of online auctions [10:31]
● Zoom auctions [11:00]
● Auctioneers filmed on platforms [13:14]
● The Ebay style [15:25]
● The challenge of online auctions for buyers agents [19:20]
● Bid increments can be controlled in online auctions [20:18]
● What can you control during online auctions? [22:21]
● How different are online auctions from in-person auctions? [23:48]
● THIS is a sign of a slowing market [26:48]
● What agents do with pre-auction offers in a seller's market [27:33]
● Agents have more flexibility online when scheduling auctions [27:48]
● Alcohol during an auction is a dangerous pair [29:07]
● Do people still experience F.O.M.O. in online auctions? [30:07]
● What happens when a technical glitch happens during an online auction? [31:34]
● Will online auctions take over the traditional auction setup? [35:06]
● What you MUST do before going to an online auction [36:37]
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!