How Internet Technology is Revolutionizing Auctions?

Thinking about auctions, would you ever have thought of choosing internet over the traditional way? Online auctions are trending and becoming the game changer for not just the sellers but also the buyers to great extent! It’s easy, quick and highly manageable.

Before we jump over the detailed explanation, let’s understand what an auction basically means. An auction is a process of buying and selling goods or services by offering them up for bid, taking bids and then selling the item to the highest bidder.

What are Online Auctions and How do they take place?

Online auctions are the way outs through which one can buy and sell their properties without physical involvements. Online auctions take place through digital mediums including websites and mobile applications. Online auctions break down and remove the physical limitations of live auctions including geography, presence, time, space and small target audience. Auction have also evolved from live auctions to online auctions through the help of technology. While online auctions are mostly setup around 3 to 4 weeks in advance before the auction closes, thus it gives a significant amount of time to research and make every possible confirmations before placing the bid.

Pros & Cons of Online Auction

One of the best thing about bidding online auctions is that you can bid from the comfort from whenever you wish to by placing bids through your desktop, laptop and mobile phones. For instance, you could be anywhere, at your home or out, they can place bids from anywhere and wait till the auctions comes at an end. Online auctions are moving towards mobile or watch, to never miss a bid. While if you’re having a mobile app dedicated for commercial real estate auctions, you will have notifications for every update in the row. By this way you can easily make quick actions and get bidding updates on your mobile app screen. While a lot of CRE auctions companies are charging a buyer’s premium on the top of the closing price. As more consumers have moved online and have become accustomed to purchasing everything from personal goods to stocks, with a mere click of a button, galleried and auction houses have evolved to meet them on the web.

Cryptocurrencies are paving the future for Online Auctions

There are already some trades which are completed and taken forward using cryptocurrencies including bitcoin. Rather than making regular purchases with the help of bank transfers, cash or other traditional options which require clearance from third parties and are time consuming, purchases through cryptocurrencies are more convenient and lesser time taking. Cryptocurrencies mitigate the requirement of trust between the parties through decentralized consensus networks. While it cannot be said if the technology enabled purchasing is a widely followed process as we’re still more connected to the traditional options rather than the technology focused approach. But, in the coming time it is quite sure that cryptocurrencies will lead the future of online purchasing especially the transactions which involve a huge sum of money.  A few local businesses implement blockchain and continue to get their services upgraded with a technology enriched approach.

The future of Auctions

The future of auctions is starting to get along with the online auctions is starting to get updated with online auctions, though we’re still running on the early stages. With most people having internet and a smart mobile phone handily accessible, especially the millennials and the next generation will surely be using the digital mediums for almost everything they wish to buy. Property buying will be more convenient and easily accessible through smartphones. Auctions will be a widely used way of selling properties if people are more well versed with online options.

In the end, you will not be disappointed when you find your dream property at the perfect ever pricing! Eventually, people would be attending online auctions and finding the deals of the day around you. You can even become an expert by being knowledgeable in every aspects of auctions.

Is your real estate business ready with the auction focused functionality Let’s implement the technology focused approach to online auctions and revolutionize the way auctions are being taken forward.?