Timed Online Auctions
Timed auctions allow bidders to view and place bids online, but the bids are not contested in real-time. Instead, the auction continues over a predetermined timeframe, for example, 24 or 48 hours. Bids can be placed on assets at any time before the auction closes, after which the highest bid on each item wins.
The perk of a timed online auction is that it allows time for more considered bids.
With the advent of social distancing and lockdown restrictions brought on by the COVID-19 pandemic, digital bidding solutions enables the business to continue with minimal disruption. Clients (both buyers and sellers) adopted online auctions without hesitation last year.
On-site auctions: Where there are physical attendees at viewings or on auction day, actions should adhere to the strictest hygiene protocols before, during, and after. Limit the number of entrants; entry is subject to wearing a mask, sanitizing, and no-touch policy. Also keep meticulous records of all participants.
While there is a place for online and on-site auctions, the future lies in online bidding and will become the standard if it has not over-taken physical auctions already.
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Courtesy of PrivateProperty| Clive Lazerous of Park Village Auctions