Auction Apps for Real Estate Agency having real-time bidding and live streaming options
Selling any land acquisition/property via an auction has many advantages over selling it by traditional selling methods. Cutting short negotiations, targeted marketing, unrestrictive upside potential, competing buyers, striking urgency to sell, and property getting sold on the auction day itself are the major benefits.
The only constraint being bidders to be physically present and participate in the auction.
We have helped one of our clients by converting one such auction process for selling commercial properties into an online auction so that any interested buyer can participate in the live auction from any location. It also benefits the seller as the scope of its bidders is no more restricted to the property location city or state.
Continue reading to know about the challenges we faced to introduce the concept of Auction Apps in real estate existing portal.
Objective
One of our clients in Australia was a Real Estate agency owner and he asked us to unite their existing traditional Property Auction method with a digital one so that they can outgrow their bidders across local and international borders.
They wanted to live-stream the physical auction taking place-online for everyone to watch it along with online bidders taking part in the auction in concert from merely any part across the world.
Challenges
The transmission of a physical auction process into a digital auction process wasn’t as easy as it sounded. It required microsecond precision to track each and every bid and enter it manually along with allowing online-bidders to participate in the auction in real-time.
We faced several obstacles in accomplishing this project:
- Data dependency of property listings and agents on their existing web portal, needed APIs for data
- Real-time Live-streaming of the auction for online bidders & viewers
- Live bidding support
- Obtaining extensive information of the bidder in the registration form
- Handling the post-auction situations – success or failure
- Strategizing a dynamic bid-increment amount for an auction
- Collaborating the physical bid and digital bid data on one platform
Our approach
To ignite the terrific idea of Auction Apps for Real Estate industry, we analyzed the traditional auction method step by step very intricately.
The most important part of the auctioning process was to register bidders. So, in our idea of Auction apps for Real Estate, we designed an online registration form for E-bidders who wished to participate in the auctions listed on the platform. That form asked for the minutest and most crucial details of the bidder along with a registration fee submission. Only after the user paid the fee, was he able to participate in the particular auction of his interest.
On the other hand, viewers were free to follow and watch any listed live auction on our Auction app.
All except the auction-winner would get the registration-fee refund in their accounts after the auction ends.
We developed three apps for this comprehensive Live-Auction Streaming process:
- App for Customers/Users to watch and bid (for both Android & iOS)
- App for Agent to live-stream (host) the physical auction (iPad app)
- App for Agent to manually add bids of offline-bidders and manage auction parameters (Android app)
App features
Some of the important features of Auction Apps for Real Estate are:
- Following auctions and adding them in the calendar to automatically join as Auction begins
- Dual bidding support-manual (by the agent as in physical auction) as well as digital (by e-bidders)
- Editing bid-incremental value rights provided in the Agent app
- Verifying a legitimate e-bidder & handling fraudulent e-bidder activities
Business Benefits
Our Client was a happy camper as he could live his dream. He was now indeed able to grab unrestricted bidders for his land properties beyond boundaries.
The scope of his prospects has widened, so he can sell his property to interested people even if they are geographically challenged.
Industry Segment
Real Estate
Company Profile
Real Estate Agency in Australia
Technology and Tools
Frontend- Swift for iOS, Java for Android
Backend – Socket.io for Real-time Bidding, Wowza Server integration, Amazon Lambda, Amazon SNS for Push Notifications, Amazon S3, Amazon EC2,
Database- PostgreSQL
