Proptech Carpool – Are Online Auctions the way of the Future? ft. Damien Cooley

March 6, 2019

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.
Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.

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