26th August 2021 / Sarah Lowry: NEW TO ONLINE AUCTIONS? HERE’S WHAT TO EXPECT.

The Fletchers Group quickly jumped on board when auction streaming and online bidding became the new normal last year due to lockdown restrictions. Eighteen months into the pandemic, we have continued to perfect our approach and can swiftly move back to the platform as required. With rolling lockdowns a likely scenario for the remainder of 2021, it's a good idea to become familiar with what to expect of an online auction if you're considering selling using this method or looking to purchase a property this side of Christmas. Here's some of our tips on what to expect and how to succeed at an online auction:

Register to Bid

Prior to the auction, buyers will be required to register to bid. In addition to your name and contact details, you will need to supply your driver's license, passport or other proof of identification. You will also choose your preferred paddle number, which you use when you're placing bids.

Auction Platform

In addition to the registration information, buyers will also be supplied with an 'auction room' link from the agent. At Fletchers, we use either Google Meet or Zoom. You are not required to have an account on either platform when participating in an auction, however if logging in via a smartphone, you may be prompted to download the relevant application.

The Auction Itself

You will find that the pace of an online auction is usually slower than what you would be used to at a street auction. The auctioneer will allow for plenty of time for everyone to place a bid if they wish to.

Bidding Options

With an online auction, buyers have several options as to how you can place a bid. Whichever you choose, simply state or type in your paddle number, and then the bid you would like to place:

1. Turn your camera and audio on: We highly recommend this option, as similar to an on-site auction, our auctioneer can very clearly see and hear you. It also allows you to show confidence to the other bidders, and we often find that it is that confident, more visible bidder that ends up purchasing the property. It also helps to keep a more "normal" auction pace, making it feel much more like an on-site auction that we are used to.
2. Turn your camera off and audio on: Another option is to have your camera turned off, and simply call out your bids to the auctioneer. If you are more comfortable with your camera being turned off, this is another completely acceptable way to bid, and also allows you to show confidence and be heard loud and clear!
3. Use the chat function to place bids: Some bidders are much more comfortable typing in their bids. There is a chat function available to do so, and the auctioneer, alongside their colleagues, will monitor these bids and those placed this way will be called out by the auctioneer just like any other bid. Several bidders have purchased properties successfully using this function.
4. 'Phone a friend': Finally, you can also place your bid via the one of the colleagues assisting the auctioneer on the phone. The team will provide contact numbers of those staff members assisting, and if you prefer to place your bids this way or having any technical trouble with one of the other methods during the auction, you can place your bids via a Fletchers agent this way.

We have found that there are lots of benefits to online auctions, and both vendors and buyers have shown a real willingness to embrace this new normal. It allows vendors to have the flexibility to view their own auction remotely, and bidders can participate in the comfort of their own home. Contracts are able to be signed and exchanged completely digitally and remotely, and auctioneers can facilitate and call the auction from their own homes remotely as required by restrictions!

If you need any further information on participating in an online auction or are considering selling your property via online auction, please don't hesitate to get in touch with a member of our team.