In recent years, the number of auctions conducted and the value of properties sold through auctions have increased significantly. According to the National Association of Brokers, real estate auctions now account for 21.5% of the total auction market.
Online auctions were not possible in the past due to a lack of technology as there was no platform dedicated specifically to real estate. Recently, several companies have developed their own platforms and are using them to run their own auctions. You can also look for online real estate auctions in Australia.
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Traditional methods of selling property lack transparency. Buyers never know of another offer, so they don't know what they are turning down. The seller does not know whether the house is getting a good price because there is very little competition between buyers.
In general, sellers want to sell their homes fast for a variety of reasons, including new jobs, new family, etc., but they often have to put off living because their homes usually take a long time to sell. Buyers are under no pressure to bid on time so the house can stay on the market longer.
With technology auctions, brokers can use Internet technology to offer new value-added services, grow their business, and generate additional sources of income.