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World first: UK firm to stream fully interactive TV-style property auctions

Fronted by TV and industry auction expert Adam Partridge, the events are to take place 12 times a year with the first held online on Friday.

Nigel Lewis

 

property auctions

An national auction house based in Sussex is to launch what it claims is a world first for the housing sector – fully real-time interactive property auctions.

During the digital realtime streamed property auctions bidders will be able to exchange on each property at the ‘fall of the gavel’ hosted via a TV format similar to the way QVC sells clothes and hoovers.

The company behind it, Connect UK Auctions, is to hold the inaugural sale on Friday featuring 12 properties, although it expects to have more to sell at the next auction a month later.

Fronted by BBC and Channel 4 presenter Adam Partridge of ‘Flog It!’ fame, the monthly auctions will feature direct interaction between him and bidders as each lot goes through.

Taking a risk

A spokesperson for Connect has told The Negotiator that the company is aware of the risk it’s taking with the innovation and that no one ‘has dared do it’ until now.

Available initially via a webpage and streamed live, Connect reveals that it is also preparing a smartphone app through which people can bid online during the auctions.

Called Connect Realtime, the events will be in addition to the company’s traditional auctions and Connect will pre-register and vet bidders beforehand.

“Until now online auctions have just been streamed video of existing traditional auctions to enable telephone bids, whereas during our Connect Realtime sales they will be part of an interactive audience of bidders who will be spoken to directly by Adam,” a company spokesperson says.

“We believe the potential is global and huge – the market is no longer restricted by who is in the auction room; expect a shift in the industry, imminently.”

  • After representations from several auction houses who claim online auctions such as this have been around for some time, please note that it is the TV-style direct-to-camera element of the auctions that Connect Auctions believes has not been attempted before.

 

February 6, 2020

2 comments

  1. As has been commented recently the speed of technology is not linear but doubles year on year, which means processes and ways of doing things will leapfrog forwards. With new technology not only can old legacy led systems be made more efficient, completely new ways of doing things can replace these systems.

    Yes, there will be false starts and bumps on the way, but auctions for instance, the idea of travelling to city centres to stand in front of a man with a gavel, if you are 25 years old and want to buy at a property auction you would frown on this antiquated system.

    Much better having viewed the property you want to secure (though now companies can do this for you) you can make all the necessary checks you need and with the legal pack delve into the legals, before sitting in your chair and clicking on your mobile to secure the property.

    Whilst property auction is not for every buyer, due to their circumstance, why is there a need to have a room full of people, after all the digital blueprint of buying online with eBay has been established for a very long time.

    As Connect Realtime say ‘the market is no longer restricted by who is in the auction room; expect a shift in the industry, imminently.”

    Underpinning change are big levers like 5G, and the massive potential that is going to be unleashed when it rolls out fully, to power the even quicker new layer of technologies which have not yet even come into being.

    I predict within five years, a re-imagined real estate landscape built around fulfilling the customer experience, where speed, convenience and minimal barriers are the norm.

  2. World first? No one has dared do it? Hardly.

    Most ballroom sales are now streamed live but not just for people to watch or make telephone bids. Like us, a large number of ballroom auction sales allow interaction with online bidding during the sale so this is hardly a new offering and certainly not a world first.

    We have a catalogue of 74 properties being offered tonight and we are expecting a number of “interactive online bidders”.

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