RAY White Group today successfully launched its innovative new private auction platform as bidders flocked to the virtual world to bid and buy in the ‘new normal’ way.
The brand-new facility, that allowed bidders to still see each-other as well as the auctioneer, provided the competitive forum that was synonymous with previous on-site public auctions.
The leading auction house which spends $30 million a year on its technology today reported a healthy 60 per cent auction day preliminary clearance rate from its 383 auctions booked nationally with four registered bidders on every lot. Ray White sells 25 per cent of all the auction stock in Australia or one in four properties.
Ray White Group Managing Director Dan White said today was a day for the true believers of the auction method.
“It proved that those agents and auctioneers that are adaptable and technologically talented can continue to thrive in the new environment,” he said.
“Don’t be swayed by people that say auctions don’t work anymore. Instead talk to those agents that have already adjusted and have found new solutions, and most importantly fought hard to deliver for their customers.
“There is panic everywhere, and the agency community is not immune, but great agents that stay focused on delivering for their customers continue to post great results,” Mr White said.
Any property that is listed for auction at Ray White is tracked through the entire campaign. Our withdrawn rates have increased a tad from 15 per cent to 25 per cent this week but that is hardly a collapse.
“And when our whole network get comfortable with the technology we hope that percentage will drop.”
Ray White National Technology Manager Jason Alford said more than 50 Ray White offices were able to pivot to the “private auction” platform in 72 hours and deliver outstanding results for vendors and buyers looking to complete their property ambitions in these times of change.
“Many more offices executed private auctions today with digital platforms already in place.”
Ray White NSW CEO and Auctioneer Jason Andrew said everything we do is to ensure we achieve the best possible price for our vendors, whether that be via private treaty, tender sale or auctions.
“The wonderful thing about auctions is the competitive environment it generates – providing the unique experience of knowing and seeing who you are competing against,” he said.
“This platform is innovation at its finest. Ray White has always been built on innovation and being industry leaders in the auction space and this is just the latest example of how we can still deliver the high-quality service our clients deserve.
“Our number one goal in building this platform was to provide a system where we keep the emotional connection between auctioneer and bidder – while maintaining physical distancing.
“In an ever-changing world right now, it’s important our members and vendors know we’re doing all we can to stay ahead of the curve, and ensuring auctions are as competitive as ever.”
Ray White NSW Chief Auctioneer Alex Pattaro (above) today sold 804/10 Wentworth Drive, Liberty Grove, NSW today for $875,000. He sold four from seven lots himself today.
Ray White Rhodes Director and Selling Principal Jack Zhao and Sales Executive Daniel (Jia Yi) Jin said there were four registered bidders and 35+ inquiries during the campaign.
“We’d received a lot of interest before the auction because of its proximity to Rhodes Waterpoint shopping centre – you were getting a real bang for your buck here,” Mr Jin said.
“The best offer we’d formally received before the auction was $820,000 so this is a great example of how seeing an auction campaign through is beneficial in any market .
“The private/virtual auction from our standpoint was really good and really positive and it was great to have so much information in advance of auction day.
“We had actually issued eight contracts before auction day and competition was great between the three active bidders, with a local family coming out on top.”
Source: Ray White Media, 28 March 2020