Online auctions to ‘revolutionise’ property market
The launch of an online auction portal will enable potential buyers or tenants to bid with just the click of a button.
bidRhino.com, just launched in Australia, aims to make it a “reality and normality” for people to secure properties online.
The company said property vendors and landlords can save money by listing properties themselves, but they will also have a number of alternatives available if DIY sales aren’t appealing.
“For those who don’t want to do it themselves, they can check out a range of services bidRhino offers to assist vendors and landlords, or one can simply ask their agent to add a bidRhino auction to their campaign to ensure they get the best possible result.”
Online auctions are a “highly successful transaction method that have proven to be effective in many industry sectors”, a statement from the company said, and the bidRhino platform will “transform the real estate industry”.
“As bidRhino.com enables sellers and landlords to expose their property to a global marketplace, buyers and tenants can pursue properties anytime and from anywhere in the world. It’s also the perfect option for home buyers who are weary of attending auctions every weekend,” the company said.
bidRhino.com director Michael Cavey said the solution is a “natural progression” for the real estate industry” and that the platform will permanently change how people conduct property transactions.
“bidRhino.com supports the research habits of hundreds of thousands of home buyers and sellers with over 90 per cent of all property buyers doing all their research solely online,” he said.
“Now with bidRhion.com you can also sell, purchase, lease or rent your property online with just the click of a button.”
Mr Cavey said all properties and bidders will be vetted prior to being listed or approved to place bids in a live auction.
The platform will list properties online for three to six weeks, during which time bidders can register to bid on any property. Open house inspections can still be conducted and will be advertised on the site.
Once the vendor, agent or landlord has approved a bidder, the relevant legal documents will be emailed to the bidder for review.
When the auction has concluded and the reserve price, or weekly rental price, has been met, the highest bidder becomes the successful purchaser/ tenant.