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 an average of 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 Our withdrawn rates have increased a tad from 15 per cent to 25 per cent this week but that is hardly a collapse.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 gets 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 Chief 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.”
One of the leading offices in Victoria, Ray White Frankston embraced the new technology and are looking forward to their upcoming auctions this Saturday. Director Ash Weston was one of the first Victorian offices to implement the new platform and his team have been running a series of practice auction runs to ensure they are fully up to speed and have mastered the technology ahead of time.“It’s amazing to see how quickly the Ray White Group has adapted to the new online environment.” Mr Weston said.
“Equally, buyers have also adapted well to the changes and are eager to participate. We have five properties ready to go under the hammer this Saturday with a strong number of parties expressing interest in registering to participate.”
“We have provided buyers with a test run of the software and the feedback is that the private auction process is really easy. It’s as simple as the bidders clicking on the link and they have video and audio right there and are able to bid via their phone or laptop.”