Best Tips to Develop a Real Estate Online Auction Software

Online Auction platform platforms have transformed the way traditional approaches work where a huge number of people would gather screaming the prices they wish to pay for the home or property they want. These platforms are growing tremendously over the years simplifying the task of auctioneers to the next level. 

Research says the overall profit of online home auctions exceeds over $394 billion in the year 2017 with an annual growth of 13% in comparison to the previous year. Let’s find how you can build real estate online auction software & what benefits it can offer as compared to the traditional auction method.

Features to Make Your Real Estate Auction Platform Successful

Before starting a real estate auction platform development, here are some of the top features that must be incorporated on your auction platform-

1. User Registration

Whether it’s the users or the investors, they must be able to create profiles for the online home auctions. This helps in identifying the users & providing smooth communication within the auction platform.

2. Property Listings

Your system should enable home sellers to create a new property listing when they have the property to sell and edit the information anytime they want. The ability to add details of the property such as the number of bedrooms, bathrooms, amenities, etc. is important.

3. 3D Virtual Tours

Using the latest technologies like AR/VR, your system must incorporate 3D tour functionality enabling property buyers to take a quick virtual tour of the property anytime without visiting the location physically. This helps in giving a better understanding of its layout, size, etc.

4. Search Filters

Make use of advanced search in your real estate auction platform and enable users to filter the property they want based on the following criteria such as location, number of bedrooms, amenities, price, property type, etc.

5. Property Bidding

The real estate auction platform must have a countdown timer feature to track the time taken in the bidding process. Another one is the automated bidding process that enables the buyer to place a bid automatically even in the absence of a buyer.

6. Bidder Dashboard

Having a bidder dashboard in the real estate auction platform is beneficial as it enables buyers to save the shortlisted properties for quick access & place bids conveniently on the desired properties. This offers statistical reports & analytics helping buyers & sellers to analyze activities before buying the property.

7. Auction Calendar

Another important aspect to be considered in the auction platform is the auction calendar that helps users to search for the new auction events using filters such as event name, location, property type, etc. This helps them keep track of ongoing & upcoming real estate auctions.

Examples of Leading Property Auction Software

Though there are many online home auction solutions in the market, some of the best are-

1. Auction.com

This platform enables sellers to upload property details like descriptions, pictures, videos, local area, etc. providing information to potential customers. It helps users with a calendar having information about upcoming market events sorted by auction date & time.

2. Hubzu

This platform is a member of the National Auctioneers Association (NAR) that engages visitors with great credentials & low fees and even hosts rare market properties by cooperating with local bank institutions.

3. Concierge Auctions

Known for selling the world’s finest properties through auction, this platform targets the premium audience with property prices ranging from $2 to $40 million. Buyers find & bid on properties in locations like mountains, beaches, etc.

Conclusion

Though you must have got an idea on how to develop successful real estate auction software, we suggest that you choose the real estate platform type, build MVP after finalizing core features, choose desired monetization model & follow strict security standards. 

Still, have queries? Get in touch with the expert team of the leading real estate development company to build real estate software solutions of your choice.