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.