Traditional Live Auction VS. Online Auction - Which is Best for You?
With the more digitally driven we've become as a society, it's not a surprise that online auctions have become more popular. While both traditional auctions and online auctions have their own advantages, at Don Rose Auction & Realty, we focus on online auctions. You may be wondering 'what's the difference?' or 'which offers better opportunities for me?' In this week's blog, we'll offer information about both, and share with you why we feel online auctions offer many more benefits over the traditional live auction style.
Traditional Live Auction
Traditional live auctions offer a fun, exciting experience because bidders are included in the hype of the moment. It is a gathering place to socialize and look at the merchandise being offered for auction. However, live auctions have many factors to consider. What other events are being held on that date, the weather, parking, food service all play a significant factor on the bidders that decide to show up for that particular auction. Also, live auctions require the buyer be there to purchase the item, which takes the unlimited competition aspect away when compared to the online world
Online Auction
Traditional Live Auction
Traditional live auctions offer a fun, exciting experience because bidders are included in the hype of the moment. It is a gathering place to socialize and look at the merchandise being offered for auction. However, live auctions have many factors to consider. What other events are being held on that date, the weather, parking, food service all play a significant factor on the bidders that decide to show up for that particular auction. Also, live auctions require the buyer be there to purchase the item, which takes the unlimited competition aspect away when compared to the online world
Online Auction
Since online auctions are virtual, this allows for extreme convenience for bidders. Bidders don’t have to leave their homes, but can instead open up the browser and find their desired item and enter in their max bid. Online auctions also open up the sale to a wider range of bidders, not just buyers located in a specific area near the estate. Having a wider range of bidders during an auction can be beneficial to the seller. This also eliminates any issues with neighbors or family members of the seller from throwing the auction by false bidding. Since all bidders are submitting virtual bids, there's no way for other bidders to know who they're competing against.
Online auctions are beneficial to sellers because the seller doesn’t have to pay fees to move items or hold an auction event at a certain location. Sellers are also able to invite anyone to bid on their online auction, bringing in more buyers which will raise the bidding prices. Ultimately, a seller typically makes more from the sale than they anticipated.
Many people think that with online real estate auctions, you miss out on the opportunity to see the property in person. This actually isn't true. Potential buyers have the ability to preview the property at a scheduled open house and have inspections done prior to and during the open bidding period.
Online auctions are beneficial to sellers because the seller doesn’t have to pay fees to move items or hold an auction event at a certain location. Sellers are also able to invite anyone to bid on their online auction, bringing in more buyers which will raise the bidding prices. Ultimately, a seller typically makes more from the sale than they anticipated.
Many people think that with online real estate auctions, you miss out on the opportunity to see the property in person. This actually isn't true. Potential buyers have the ability to preview the property at a scheduled open house and have inspections done prior to and during the open bidding period.
Rely On Don Rose Auction & Realty
As you can see, online bidding offers many great benefits to both buyers and sellers for both personal asset and real estate sales. If you're interested in bidding on one of our online auctions, visit our website to check out the current and upcoming auctions. If you're considering selling your home or assets via an online auction and would like to speak to a professional, please give us a call! We're happy to walk you through the steps of our online process!
Comments
Post a Comment