We welcome Clarence White of Menck White Auctioneers to our blog, discussing how Cunninghams have adapted in partnership with himself and Menck White Auctioneers to create an online auction environment that facilitates a premium result.
Cunninghams, like many other agencies are embracing online auctions which is great, as they provide a viable and successful means of harnessing competition to maximise a sale price, just like in-person auctions do.
We have seen a sharp rise in the average number of registrations per auction that ran in the past two weeks, since the lockdown was imposed. Our average registrations for auctions that occurred last week was 14.4, a massive number and marks a sharp rise from the 3-4 average registrations we saw in the last weeks of June.
With a lot of stock currently being held back from coming to market, there are also many existing campaigns have had auctions postponed to later in July or early August by nervous vendors. That is creating a pinch in the availability of stock, with fewer properties on the market and able to be purchased right now. This is translating into greater competition for the properties that are going to auction right now via online auction.
The two-way video connectivity of our Zoom Online Auction Platform creates an open, transparent environment for bidders to bid, and ultimately creates the optimum environment to harness competition between buyers. We believe this platform is superior to other online auction technology currently in use in the market and best replicates the benefits of an in-person auction.
See below a screen shot from an auction recently sold online.