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.
If you enjoy this episode, do give us a like, share it with others who you know will benefit from the show and subscribe to the podcast! We have loads of resources available and if you'd like to talk with us directly, send us an email at [email protected]!
See you on the inside!
Episode Highlights:
● 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]
Links from the Show:
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How ready are you to buy your first home?

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

We are here to guide you through your home buying journey

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