Are online auctions the way of the future? Leading Australian auctioneer Damien Cooley has built an online Auction App called Auction Now. He gives his insights on how Tech is having a big play in the real estate sector especially with online auctions.
Auctions play a big role in transacting real estate and being able to watch live auctions online from anywhere in the world and to have the ability to bid online will streamline the auction process.
Check out what Damien has to say about his Proptech App – Auction Now
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Here’s the transcript of the video:
property technology is guess it's kind of evolving the real estate industry you've got auction now which you've launched not too long ago getting good kind of industry support tell me about auction now yeah I think you'd be quite naive if you sat back and didn't think that tech would have a big play in the real estate sector what auction now is all about is trying to streamline the auction process what we really wanted to do was we understood that auction has played a big role in transacting real estate as an auctioneer I believe that I have the ability to impact the result have a positive influence on the result so we don't want to certainly take away from what the auctioneer does or their role but what we want to do is actually try and enhance their role and by doing that what auction now is all about is being able to watch live auctions interactive live auctions from a buyers point of view if they can't be there they can watch online they also have the ability to bid online yep vendors can watch their auction from anywhere in the world on any device and it also handles all of our auction compliance so from our bidders record maintaining reserve letters bidding authorities results full record of the auction in video format it handles absolutely everything you can think that if we're doing 5,000 auctions a year I have thought of absolutely everything that auction now can do. I guess your target market. who specifically is it? Who are your paying customers? I guess how does the process work? We've got quite a broad target market predominantly our technology's angled towards real estate agents agents are the most important part of the whole transaction because they're there they're the person who lists the property they're the person who speaks to the to the seller speaks of the buyer and puts their deal together we see the auctioneer really as a third party to that whole transaction somebody who has the ability to to help and assist the agent but the agent is absolutely the hero in that transaction so they're our main focus in auction now ultimately they they would be the paying customer but we haven't forgotten about auctioneers also auctioneers can also be the paying customer we we feel that auction now really has the ability to have a great impact on an auctioneer an auctioneers business we feel that it's a way that the auctioneer can actually add a lot of value to their real estate agent clients but we also feel that any agent wanting to take on auction now as a platform to enhance their listing would certainly benefit from that greatly the other the other key beneficiary of auction now is vendors and buyers I always like to think what's the best way to communicate with a buyer what's the best way to communicate with a seller over the next 12 months two years five years from now and we look at how younger generations are communicating by phones technology social media text message this is a way that buyers can now interact online and vendors if they aren't able to attend the auction they can watch and interact online. Damien Cooley thanks for joining proptech carpool with Soho. my pleasure Thanks for having me.
