Auctioneering has changed dramatically in the 21st century. Before, there were only limited auction houses filled with professional buyers and dealers. Now, the floor has been opened up to everyone.
Online auctions, first championed by websites such as eBay, changed the game as we know it, making the bidding process far more accessible than it ever was before. Now, the game has changed yet again thanks to LetsBid’s , meaning that you can bid on any property listed by our network of vetted estate agents anywhere in the world.
Before we go into detail about where property auctions are now, first we should take a look back, to appreciate just how far the industry has come. Before the time of , a property would be placed up for auction for a very small window of time, depending on how much interest it sparked amongst the bidders.
Buyers were forced to make snapshot decisions on thousands, even millions, of pounds. No time to weigh up the options, no time to ask questions – you made your bid and, if you won, you made the best of it.
Fast forward to the present day and as the world has become more digitised so, too, has the world of property auctions. Rather than having to be in a specific location, buyers can now make an offer from anywhere in the world.
Whereas physical auctions would be fast-paced with rapid bids, an online auction takes away the rush with online listings usually lasting anywhere between two and three weeks. This allows the bidder time to weigh up their options, as opposed to making a split decision that may or may not pay off.
Online auctions also allow those who haven’t necessarily got hundreds of thousands of pounds in their bank account to get involved. Buyers can buy with a mortgage, requiring only enough cash in order pay the reservation fee. From this point, within 28 days, the exchange of contracts should be completed upon the lawyer’s receipt and the property changes hands within 56 days.
When you consider the effect that have had on the industry, by allowing even more potential buyers to join in the bidding process, it cannot be understated how big a game changer this really is.