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The Rise Of The Virtual Auction

With 67 virtual auction’s called since Auckland went into lockdown (17th August) and a 91% success rate under our belts, lockdown hasn’t stopped us from bringing down the hammer! Ray White Austar General Manager Len Day shares his thoughts on the team’s new Virtual Auction Studio and why it’s been so successful, and why the market is still going strong.

In the current Auckland conditions, buyers have to arrange a private appointment to view a property. On top of that, there’s the challenge of holding virtual auctions; getting all parties to be there, and making sure the buyers, sellers, and salespeople are on the same page. Given these challenges, you’d think property sales would be declining. But, it’s quite the opposite!

Enter…the Virtual Auction Studio

After hosting a number of virtual auctions and not being happy with the sound and picture quality of them, Ray White Austar General Manager Len Day decided the team needed to level up our auction game.

“We did some research and came up with a really good solution. We found great technology to use, a room that we could soundproof, and brought the big green screen in for the auctions. It’s evolved from there.” – Len Day

According to the 91% success rate (as of 17th November), it’s a winning formula!

Why people are still buying during lockdown

We know that people want to get on with their lives after being locked down for so long, and people are taking the opportunity to stop and actually look for a new property when they mightn’t have had time before. The supply and demand for properties hasn’t changed, because people still need and want to buy houses. Plus, we’ve seen more and more people coming back from overseas to live in New Zealand (yes, even Auckland!), and they still want to purchase and invest in properties.

Will the Virtual Auction Studio live long and prosper?

Len believes there will still be a place for virtual auctions after Auckland comes out of lockdown and there’s an opportunity there, but he’s keen to see the team get back to on-site auctions.

“We really value our on site auction business; we think that’s been a real point of difference for us and we want to maintain that. We’re all about people here, so we can’t wait to get back to business as usual and see what 2022 brings for us.” – Len Day