- July 27, 2023
- Reading time about 6 minutes
Property auctions have gained huge popularity in the market due to the benefits it offers to both home buyers and sellers. For sellers, they can help to close a deal with the highest bid and for buyers, they can help to purchase a bank-owned property that was earlier owned by loan borrowers. The main benefit of using an auction platform for real estate is that it helps to set the price and conditions for the deal.
Having an auction real estate website is essential if you want to target buyers and sellers who want a quicker closure of a property deal. There are online real estate marketplaces that offer open property registration whereas others accept only licensed professionals. In this blog, we will learn everything you must know about Real Estate Auction Software, types of auctioned property and tips to develop a real estate auction website.
Understanding Real Estate Auction Website & Auctioned Property Types
As we know, there is huge competition in the commercial real estate market, it is important to take the help of a skilled development team having technical expertise for building the Top Real Estate IDX MLS Website. Your website should be capable of providing accurate property details and enticing visuals to attract potential buyers.
From easy-to-navigate property websites to advanced functionalities, your site must be capable to outpace the growing competition. The ideal real estate auction website engages both sellers and buyers with complete transparency & control to close deals faster by offering tailored experiences to meet specific users’ needs.
Here are some of the main types of auctioned property-
Foreclosed Properties
This allows the property lender to take the rights to the property & sell it to cover the loan.
Short-Sale Properties
In this case, the property holder is required to pay an obligation & must take critical measures like selling a house as early as possible making costs lower than the property’s worth.
Bank-Owned Properties
The property becomes bank-owned if the borrower couldn’t pay off the borrowed amount to the bank and it is later put on public sale at discounted prices.
Retail Properties
These properties are mostly shopping centres, stores, and other business buildings where auction sites are used to quickly reach out to investors.
Top Aspects To keep in Mind While Building Real Estate Auction Website
From the above section, it is clear that the main competitive advantage of a home auction marketplace as compared to other processes are lower property cost and faster sales closure. To build a successful real estate website, you must incorporate must-have features into the platform, which are listed below-
Add Property Listings
The most important feature of the auction website is to enable vendors to put their properties for auction, which can be either free of cost or comes with charges. Additionally, it is crucial to showcase the characteristics of their auction properties with detailed information like property images/videos, bid duration, alter/manage listings, 3D property visits or offers on the property.
Another thing is to allow property owners to assign the starting bid of the offer helping sellers demonstrate their expectations. A timer feature should also be present, which displays the time left before the start of the auction helping interested customers navigate urgent events with ease.
Search Properties Effortlessly
Ensure that your website is built with smart search functionality helping users get access to quick and advanced searches. For quick searches, it can be based on 2-3 criteria that allow browsing of all available options. For an advanced search, users should be able to use filters based on location, cost, bidding dates, asset type, etc.
Another important feature is the location of the property, which is why enabling map view is a must as users can locate the property on the map & browse nearby areas. Not just that, your website must help users save the best search results, which can be later analysed by you through tools and used for relevant recommendations and offers in the future.
Easy Bidding Process
If you want an online auction process to be a success, ensure that bidders have a defined time frame for placing bids, which means the auction will end automatically when a single bidder is left, or when the offer hit its bidding deadline. Your website must ensure that user interfaces allow them to see opening bids, vendor bids, as well as the number of active bidders.
Your home buyer must be able to see the statistics on the bidding progress i.e. information about the highest bid to date, number of the views and visits on the property page, and how much is the average bid. For faster deal closures, both parties must have transparency with the capability of real-time updates on the progress.
Effective & Timely Bid Closure
For effective closure of any property bid, the bidder and buyer must sign the contract that helps to determine the closure conditions and final closing date. Advanced algorithms must be used to allow bidding in real-time where participants get updates when the user is overbid and when there are new lots.
Offer seamless and secure transactions to build the trust of home buyers through your website that supports multiple payment gateways. The payment can now be done through fiat or cryptocurrencies where the latter comes with lower service commissions.
Real-Time Bidder Dashboards
Adding an auction calendar on your website can help keep track of auction events helping bidders get real-time updates where they can see the active dates for all properties of interest.
When the auction date is near, users get a notification which can be either through email or SMS. Every bidder’s activity is monitored in lists of saved offers, and reports where the platform must offer abstracts with recommended properties, based on the bidder’s recent activity.
Closing Statement
Online real estate auctions are growing tremendously. However, it is crucial to have a clear understanding of the scope of the property platform that sets a solid base for its success. The functionality that you will offer on your real estate auction website must help to manage online auctions, both from the buyer’s and seller’s point of view.
If you are also planning to Create Free Real Estate Auction Website, the BidHom platform is the right choice for you. We enable brands across the world to unlock the potential of using reliable auction software to help in closing deals faster and effortlessly. Connect with our experts today to help in fulfilling your web or app development services for multiple real estate projects from conceptualization to final implementation.
