Real estate auctions have always presented excellent opportunities for investors and sellers to swiftly finalize property transactions. Creating a Real Estate Auction Website allows buyers to participate, offering them the chance to acquire bank-owned properties while setting their desired price and deal conditions.
Creating a Real Estate Auction Website is currently an excellent avenue for real estate investors. It enables investors and buyers to swiftly locate appealing bank-owned and short sale properties within their budget and place bids accordingly.
Let’s consider the online bidding website Auction.com, a US-based auction marketplace that focuses solely on foreclosed and bank-owned properties. To date, this auction website has 4.4 million registered buyers and sold properties 329,000. The Real estate auction website team will get a commission for each deal.
Let’s check out the most popular auction websites available in the market.
Top Online Real Estate Auction Websites
Typical Features of Real Estate Auction Website Development
The features required to manage an online auction website for Real estate business for both buyer and sellers are:
1. Registration
2. Listing Properties
3. Property Search
4. Bidding
5. Auction Calendar
6. Bidder Dashboard
7. Real Estate Website Security
1. Registration:
The user needs to register with the online bidding website by providing personal information and contact details like name, address, phone number, email id, etc. For Investors, agents, and asset managers, one needs to provide information like title, company name, real estate license number, and state.
2. Listing properties:
The primary goal of the online auction website Litis to list properties with content. Sellers provide all the property listings, and the features include:
- Add property
- Set duration for receiving bids
- Modify property listing
- Reoffer the property
- Auction timer
- Notes and disclaimers
- Current or starting bid
3. Property Search:
The search button should be easy to find to the users. The buyer will search for the property where he can apply advanced search filters to match their specific needs. The user has given the advanced search link in which the buyer can apply search filter by location, price range, asset type, etc. Even there are other options such as:
- Sorting
- Saved Searches
4. Bidding:
Bidders will have a defined time frame for placing bids. The auction ends when a single bidder is left, or when the offer hit its bidding deadlines.
- Countdown timer:
The bidding countdown clock is from two to three minutes. If no one bids by the time the clock runs, the bidder who made the last bid is granted it. If someone bids within the time allowed, the timer resets. - Automated bidding Process:
Using this feature, the bidder will be designed for assisting during the bidding event when the buyer is away from their computer. The bidder can implement a proxy bidding system that automatically places a bid on behalf of the bidder to the maximum amount preset. A proxy bidding system lets someone remain at the highest bidder and win an auction even if they can’t place the bids at the time of the auction. - Buy it now(BIN):
In Buy It Now, the seller can preset the price or set the amount they would like to sell for on the spot to save time which will help buyers to bypass the bidding process or instantly buy a property at the seller’s desired price.
5. Auction Calendar:
Here, you get the information on upcoming real estate auctions where the users can filter the auctions by location, asset type, event name, and start/end dates.
6. Bidder dashboard:
In this, the buyers can see all the bidder’s activity. It’s especially useful for real estate professionals who sell or bid all day long. Here are the following features that are included:
- Receive property notification emails:
The buyers/users will receive notification emails about new properties in their area of interest, including outbid notices, high bid confirmation, contract questionaries, documentations, etc. - Manage bids:
Allow buyers to place the bids on chosen properties right from the dashboard. - More information:
Can see the current statistics on active bids, activity history, and upcoming auctions matching a bidder’s interests. - Reports and Analytics:
Deliver automated reports and analytic to your bidders using presentations and charts for effective analysis.
7. Real estate website security:
The real estate website services need to be reliable to attract customers for the long-term. The Auction website must ensure that the accounts are real and verify the offer’s nature to avoid fraud. Here are the features that are included for the safety of the real estate auction website.
- ID Verification:
The seller or buyer, when signup to the auction website, needs to provide some valid identification process such as request credit card number and ID data to verify whether the person login to the website is real or fake. - Tracking:
The seller must see all the currently paced bids and get updates on finance. - Ratings:
There should be a specific rating system for both buyers and sellers for increased transparency. - Detailed Listings:
For the seller, while listing the property, the website needs to ask for a lot of information about the property that includes amenities, photos, and documentation.
What are the monetization methods for a real estate auction website development?
The online auction website considers the following monetization methods such as:
-
Registration fee for sellers:
The seller needs to pay a certain fee to list their property to the website.
-
Buyer’s premium fee:
The final buyer who purchases the property need to pay a specific commission for the deal.
-
Service fee:
This fee is imposed on all users by an auction platform to pay for the use of its services.
Conclusion
Creating a Real Estate Auction Website requires diligent effort, strategic planning, and a deep understanding of market intricacies and user requirements.
At Krify, we provide website development for multiple real estate businesses, build responsive websites. Our web developers are ready to take a look at your ideas. Contact us now. Our experienced developers’ team, designers, and tester are ready to execute your vision.
