REA launch dedicated online sales platform
The nationwide group of 55 estate agencies, including REA Peter Donohoe in Cavan and Ballyconnell, boasts a strong record in the online auction space, and their individual and regional auctions have achieved a success rate of over 70% since December 2017 – with sold properties averaging prices of 16% in excess of AMV.
The Real Estate Alliance (REA) group has launched a dedicated online sales platform, which allows its agents to sell properties in three alternative ways to the traditional model.
Through BidNow.ie REA agents now have the facility to offer properties for sale via individual or group online auctions, host live-streamed in-room auctions or online private treaty sales.
The nationwide group of 55 estate agencies, including REA Peter Donohoe in Cavan and Ballyconnell, boasts a strong record in the online auction space, and their individual and regional auctions have achieved a success rate of over 70% since December 2017 – with sold properties averaging prices of 16% in excess of AMV.
The online private treaty option on BidNow allows REA agents to fix a time and date to bring a property sale to conclusion if there are a number of interested bidders.
Alternatively, BidNow also allows REA agents the facility to schedule and hold individual open online auctions for properties, rather than entering them in national or regional auctions.
“We are changing the way property is being sold in order to improve efficiency and assist in bringing sales to a successful conclusion,” said REA chairman Anthony McGee.
“As well as the more anonymous online auctions, we will be facilitating both national and local in-room auctions, with each agent having the facility to host live-streamed events.
BidNow gives agents a full suite of options to offer prospective vendors, and agents will advise on which will work best for each property.
“For the vendor, our online auctions are an efficient way to sell, with the option of combining all the benefits of the traditional auction room with the speed and transparency of going online.
“Our agents’ local knowledge is vital in the future success of our online offering. The REA agent will set a competitive AMV at the beginning of the campaign, which will be realistic and designed to create interest," explained Mr McGee.
For the buyer, viewings are either carried out online or by appointment with an REA agent.
Bidders will sign in after applying for an auction passport, and will pay a returnable €5,100 deposit to bid (inclusive of €100 administration fee). The successful bidder then pays the balance of the 10% deposit and the sales contracts are executed electronically.
The vendor then issues closing documents and the sale closes within 28 days, which is considerably less than through an offline sale.
The entire bidding process is conducted online with the sales contract and other legal documents available in advance on the BidNow platform.
This allows the process to move faster with all legal queries dealt with prior to the online auction.