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 In Lifestyle

A Guide to Online Auctions

Marshall White online auctions, held via Zoom, work exactly the same way as public auctions, only from the comfort of your own spaces. Interested in discovering more about the process? Take a read of our online auction FAQs below.

Here at Marshall White, we are pleased to have adapted our services to continue to support each and every client to achieve their property goals. We are able to sell houses, during this ever-changing climate, in a safe digital environment, ensuring that business continues as usual.

Marshall White online auctions, held via Zoom, work exactly the same way as public auctions, only from the comfort of your own spaces. Interested in discovering more about the process? Take a read of our online auction FAQs:

How do I join an online auction?

An Auction Registration Bidding Form will be sent to prospective buyers prior to the auction and an invitation will follow with a Zoom link included. Participants are invited to join the online auction via the Zoom link 10-15 minutes ahead of the proposed start time in order to allow time to resolve any technical difficulties prior to the start. If you cannot reconnect via the Zoom link provided to you via email, please contact the listing agent as soon as possible for further instructions. We place all participants “on mute” until the auction starts however invite prospective buyers to turn their cameras on.

How do I “Mute/Unmute”, Start/Stop Video” and change my screen name?

Tap on the screen of your device or click your mouse to reveal a menu of buttons which you will be able to operate to perform these functions. The “Rename” function is accessed by clicking the “Participants” icon and then clicking on your current name in the list of participants, then choosing “Rename”.

Will the auction be conducted differently to a normal public auction?

For all legal purposes, no. Please click here to read the REIV auction rules we adhere to. These are the same as those for a normal public auction.

Should I change my screen name?

It is vital that the agents know your identity if you are intending to bid. We encourage the use of your full name or at least let us know if you intend on using an alias so as we know who you are. The auctioneer will announce the bidder’s names along with the bids for transparency.

How does an online auction begin?

The auctioneer will begin by explaining the format of the online auction and will run through any housekeeping rules. The property will then be introduced, complemented by a series of photos. Bidding will follow.

How do I make a bid?

If you are interested in making a bid on a property, you have several options:

–   Un-mute yourself (there is “Mute/Unmute” icon in the bottom left corner of your screen) and vocalise your bid.
–   Use the chat function to submit a bid. Please submit to all attendees for transparency.
–   If the auctioneer nominates a rise, put your hand up so it is visible on the screen.

Please be aware, online auctions can take a little more time than public auctions, as it takes a few seconds to identify each unique bidder.

Will the Auctioneer be referring the bid to the vendor at any time during the auction?

Yes, possibly. If the bidding is referred, expect the auctioneer to “leave” the auction momentarily to consult the vendor.

Can I watch the auction even if I do not intend to bid?

If you are a participant of the auction but not a prospective buyer, we ask that you switch off your video. This allows us to focus on the parties who do wish to participate. Please end your session at the conclusion of the auction.

What happens if my bid wins?

Naturally, the auction will continue until we sell to the successful purchaser, or pass in to the highest bidder. Before we declare the home either passed in or sold – the highest bidder must send text message confirmation of the winning bid to the agent.

Will I be required to pay a deposit immediately and how do I do so?

We will require a holding deposit to be paid at the conclusion of the auction and the balance on the following business day. The agents will be happy to confirm the required deposit amounts and internet banking details.

How does the online auction end?

Once the property has been sold, we politely ask all parties to leave the chat session, apart from the winning/highest bidder.

Once all other participants have left the online auction, the next steps will be discussed and the Contract will be prepared and emailed to the purchaser for signing via iPad, smartphone, android device or computer using a very simple electronic signature function.

The initial holding deposit as agreed with the agent is to be paid via an EFT transfer to the Marshall White Sales Trust Account. Account details will be shared with the winning bidder.

 

Click here to find out more about the process of buying at auction and to find a Marshall White Auctioneer.

30 Trinian Street, Prahran

A fantastic example of a successful recent auction was the sale of 30 Trinian Street, Prahran that took place via a live auction on Saturday afternoon, drawing almost 100 viewers.

Following two weeks of inspections to over 200 prospective buyers, bidding for the three-bedroom, two-bathroom house began with a vendor bid of $1.8 million. From there bidding was quick, passing the reserve of $1.95 million with fewer than 10 bids.

A period of competitive bidding from five parties ensued and the property successfully sold after 31 bids for $2.3 million, $350,000 more than the reserve.

This delivered a fantastic outcome for both vendor and buyer, proving that even in lockdown, great results continue to be achieved.

View the video and discover more about the results of this online auction below:

View on YouTube here

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