Developing a Successful Real Estate Auction Platform

As technology dominates our lives, we rely on smartphones and apps for almost everything we do. The real estate industry is no exception when it comes to app development with robust technologies to cater ever-increasing demands of customers. 

Real estate auctions act as a great way to get a good deal on a property for investors. Gone are the days when only deep-pocketed business people rely on auctions for acquiring real estate. It is becoming popular for ordinary people as well while they look for a new home at a good price.  

Having a Custom Real Estate Online Auction Software Solution enables both investors and homebuyers to easily find foreclosure, bank-owned, or short-sale properties and bid on them effortlessly. Without wasting further time, let’s find out some of the most effective tips to help you build an auction platform for the Real Estate business.  

Must-Have Features to Build a Successful Real Estate Auction Platform 

A good real estate auction platform enables buyers & sellers to interact smoothly for a great bidding experience, which eventually helps in closing deals faster. We have shortlisted some of the best features that you must consider while building a real estate auction platform for your business.  

Auction Registration 

One must be easily able to create a personal account by providing basic information such as name, street, address, phone number, etc. After that, they must be able to conduct virtual auctions. Investors or asset managers must enter details like company name, real estate license number, etc. and buyers need to provide payment information like debit/credit card details.

Property Listing 

Sellers should be able to list properties on the real estate auction platform. To list properties with ease, your solution should have parameters like add/modify a property, choose the duration for receiving bids with time frame including pre-auction, staging & post bidding periods, reoffer the property.

Property Information

Listings must provide detailed information about the properties such as description, photos, 3D tours, disclaimers, starting bid amount, auction timer. Having this information will help in providing buyers with all the necessary details they need.

Property Bidding

Many auction platforms charge buyers with a 5 to 10% deposit before bidding on the property, which is needed to hold on to the bidder’s bank card. After the auction, the bidder’s bank card issuer can remove this hold. The potential buyers can view the opening bid, the minimum amount to make the first bid, vendor bids (bids by the auctioneer on behalf of the seller), number of bids, etc.

Advanced Search

Buyers should be able to apply the filters like location, price range, asset type, etc. to search properties that match their specific needs. Sorting properties should be made easy and simple enabling users to sort properties with parameters such as auction time, price & auction dates, property size, & more.

Dashboard for Bidder 

A simple dashboard makes it easy for bidders to track all the activities enabling them to view property notification emails, save property searches, manage bids & other information. With the all-in-one dashboard, buyers can bid on properties anytime for convenience and check analytics for better property analysis.

Final Verdict 

Ensure that you consider the features stated above to build a top-notch estate auction software by expert developers and increase the likelihood of auction platform success. With stiff competition in the market today, it can be difficult to create a perfect bidding platform. 

However, with proper planning & the right technical expertise, it is all possible. Get in touch with the professional team to bring your app idea to life with a reliable Custom Real Estate Software Solution.