Online Real Estate Auctions
Internet technology changed the way most companies around the world are doing business today. The same technology has also changed the real estate and auction industry. Not too long ago, auction companies conducted only live auctions. Bidders had to be at the auction location at a specific time and date in order to physically bid on the property. If they were a minute late, they missed the chance to register and bid. Once the auctioneer declared the auction open, nobody else could enter the bidding process. Other factors, such as adverse weather conditions, could also hinder the process of a live auction. Later, live auctions improved with the introduction of online technology, which allowed bidders to bid on a property without being present at the auction location. The auctioneer could call out the bids and, at the same time, monitor the computer screen for bids received through the Internet. Again, however, even in this scenario, if you missed the date and time of the auction, you missed your chance to buy the property. The concept of online auctions has, therefore, represented a huge breakthrough for the auction industry. Online auctions eliminate the hassle associated with conducting the actual auction in front of the property on a certain date and time. The online auction is simply conducted online for a set period of time. During this time, bidders can place their bids, online, any time they desire, from the comfort of their home or office. There is no longer a need for an auctioneer to calls. The auction website acts as the ‘auctioneer’.
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