Over the past couple of years, there has been the emerges of online streaming services for Auctions. There have also been some sites which have provided outstanding services with online Auctions.
Throughout the COVID19 isolation period, Leverage conducted several electives with people regarding their reaction to working remotely. We had the opportunity to discuss Auctions at arm’s length with Jesse Davidson of Auction Now, Scott Kennedy Green of McGraths and Damian Cooley of Auction Now. All three have a reputation of excellent live auctioneers. All these people expressed the view that, they had come to grips with live stream auctioning. We asked the question whether they felt that live streaming got the best price in the marketplace. All of them ironically said “yes”. Why ironically? The next question was will they return to face to face Auctions. All the Auctioneers said they cannot wait to return to face to face Auctions. They expressed the viewpoint; it is only face to face Auctions where you can truly utilise all your skills and guile to get the best price for the property. If it worked, why did we need to return to face to face?
We have now returned to face to face training here at Leverage. Although we have loved the virtual training facility and it will remain for many of our training offerings, it does not replace the relationships you build in a face to face room. It is understandable that the Auctioneer will want to return to that human contact.
What will stay? All the Auctioneers have said that online streaming will form part of all their face to face Auctions. A live Auction will remain. What COVID has taught the real estate industry is that:-
Registration for Auctions can be done online efficiently;
Live streaming is a way of building a crowd;
Live streaming does provide an opportunity for people to bid wherever they are; and
Live streaming can be integrated with face to face.
For many businesses, COVID has been bad for business. The live streaming services and the online Auctions have had a benefit from the virus. The face of Auctions has changed forever in relation to registration and the means of which a person can bid.
Whilst Fair Trading thought by changing the rules of conduct that they were becoming modern by regulating telephone bidding, they have still fallen behind because COVID has pushed live streaming and remote bidding to the forefront.