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 at the scheduled time. We place all participants “on mute” until the auction starts however invite prospective buyers to turn their cameras on.
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 and vocalise your bid
– Use the chat function to submit a bid
– 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.
What action do I take if I am not interested in bidding?
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.
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.
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 of sale will be prepared and emailed to the purchaser for signing via Docusign.
The deposit is then to be paid via an EFT transfer to the Marshall White Sales Trust Account (account details will be shared with the winning bidder).
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