C&G's Guide to Online Auctions

Online auctions and sales have become the norm for the real estate industry, with many agents, buyers, sellers and vendors having successfully adapted to digital transactions. This latest C&G blog unpacks everything you need to know before heading into an online auction. Happy bidding!

Before the auction

If you’re able to, attend as many virtual auctions as possible leading up to the day. You can become familiar with the format and observe how other bidders conduct themselves. This will help you feel confident and comfortable on your own auction day.

Ensure you are ready to participate by contacting the agent to register and confirm the vendor’s terms in advance. Use this opportunity to ask questions relating to the deposit and settlement date. If you are the winning bidder, you’ll need to prepare your finances and pay the deposit on the day.

Download and set up any applications on your device or computer. Test both your microphone and webcam to avoid any complications during the auction. Check your internet connection as well – you don’t want it dropping out!

During the auction

Log onto the relevant applications as soon as you can, so you don’t miss any important information preceding the auction. It should run similar to a physical auction, where the auctioneer will introduce the property and outline any rules for bidding. If there are many people logged on, the auctioneer may request you mute your microphone or turn off your webcam when you are not bidding to minimise distractions and confusion.

Of course, un-mute your screen when you do intend to bid. Speak clearly and raise your hand so the auctioneer can successfully register your bid.

Alternatively, some applications use electronic bidding, which requires the bidder to push the amount on the app rather than put your hand up, this will then be recorded by the auctioneer during the auction as a live bid from the registered bidder.

After the auction

Were you the highest bidder? Congratulations! You may be asked to remain in the call to discuss the final arrangements for the sale. The vendors will exchange a digital contract and provide payment methods for the deposit.

We have braved all sorts of challenges this year, but the team at Chisholm and Gamon are confident we have the technology and skills to continue servicing our clients to the highest standard. Have more questions about online auctions? We’d be happy to guide you through the process and help you bid with ease. Reach out today!