Real estate auctions are now becoming an effective way to get a good deal on investments. It is popular among both deep-pocketed business people who want to invest in properties and other people who are searching for a new home at a cost-effective price.
Real estate auction solutions are convenient for both investors and buyers who want to painlessly find attractive foreclosure or bank-owned properties and bid on them. However, many strong players are already gaining profits in the online auction space.
To beat the best, you need to implement top features in your auction software. Hire a reliable real estate software development company that can develop a feature-rich and custom real estate auction portal that generates positive results for your business.
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Must-Have Features in an Effective Real Estate Auction Platform
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Smart and Easy Registration for Auctions
To participate in auctions, all users require creating personal accounts. During the signup process, users provide all their personal information like name, street address, phone number, and other details that are needed for verification. Moreover, your platform must have a robust and secure payment gateway system as buyers provide all the credit and debit card information for all payments associated with platform services.
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Listing Properties
To fill content in your platform, you need features like listing properties. Listings are uploaded by sellers or brokers. With this functionality, they can,
- Add a property to the platform
- Select duration for receiving bids
- Modify a listing if it’s not getting any response
- Add description and photos for more popularity
- 3D Virtual tours give you an extra advantage
- Set an auction timer
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Search Filters
Search filters play an integral part as it helps users to search & focus on properties that match specific needs. With easy and smart search options, finding assets become simpler that increases traffic on your website or mobile app. A reliable real estate auction platform allows its users to filter properties by location, price range, asset type, and other criteria. There are different search filters that you can implement in your platform, like,
Sorting – It enables a user to sort properties in ascending or descending order by auction time remaining, price, auction dates, property size, and newly added assets.
Saved Searches – It is a new feature that enables users to save properties as their favourites so that they can keep an eye on every action taken on it. Moreover, users can save the search parameters that help them to provide a quick response via platform whenever any new listing is uploaded.
To ensure that your platform provides a map so that your users can view the location properly or zoom in to choose an area conveniently.
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Bidder Dashboard
Plan, manage and track your business’s bid management activities all in one place with a powerful and secure bidder dashboard. Enhanced dashboards also help remote team collaboration that improves visibility and boosts productivity to make your bidding process a real success. With the help of a bidder dashboard, a buyer/seller can:
- Create lists of saved properties
- Managing properties from a feature-rich platform offer greater convenience
- Generate automated reports and analytics for efficient analysis
- Receive property notifications related to outbid notices, bid confirmations, contract questionnaires and much more, instantly
- Leveraging the potential, the user can get information about active bids, activity history, and upcoming auctions matching user’s interests
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Quick Bidding Setup
Bidding on a custom auction portal or auction websites are quite convenient and cost-effective at the same time. It allows you to set bidding rules, minimum bidding amount, target price, and much more. It includes,
Countdown Timer – If no one bids and the time runs out, then the bidder who made the last bid wins the property. However, if someone bids within the time allotted, the clock is reset again.
Automated Bidding Process – The feature is designed for assisting during the bidding event. You can implement a proxy bidding system that allows you to automatically place the bid on your behalf up to a maximum amount set.
Auction Calendar – The feature provides information on upcoming real estate auctions. Knowing in advance, you can register for auction on time and make your dream come true.
Reverse Auction- With this feature, you can manage auction more user friendly. It offers your auctioneers extra convenience. A Reverse auction forces your suppliers to compete in real-time, providing their best possible pricing. A reverse auction also greatly reduces the time you spend as the supplier ends up doing the bulk of the work.
Summary
Either you want to build a real estate website for realtors as a standalone solution or add auction functionality to your existing real estate platform, hire a top-notch software development company that brings remarkable outcomes in the future. They can add strategic thinking and professional knowledge to maximize the likelihood of your auction platform. From full-cycle web application development to native app development, real estate developers stand by your vision and turn them into reality. You can also take quotes from development agencies for making a fruitful investment.
