You have done it, the property is on the market and looking its best. It took a lot of time and energy to get this far so well done! You’ve had some people through the door viewing the property and now it’s time to start monitoring the bidding activity.
In order to create a secure and transparent environment, only people who have visited the property or approved bidders are allowed to make offers remotely. This is what makes our system secure as it is designed to protect you from people placing bids randomly just for the fun of it. Only approved buyers are allowed to place bids through our secure 24/7 online system.
How does it work?
During the viewing the seller will provide the visitors with a “UNIQUE IDENTIFIER CODE” which is generated by our software when you (the seller) list a property with us. This code will allow potential buyers to access the “bidding room” and place offers on your property remotely. You (the seller) are in charge of this process and you decide who to give this code to.
It makes sense to us to allow only potential buyers who took time to view the property, to compete for it. Think about it, would you make a serious offer on a property that you haven’t even seen yet?
What if someone lives abroad and cannot view the property? Can they still participate and bid remotely?
Yes, absolutely! You have the power to let them in the “bidding room”, it’s completely at your discretion. If someone seems genuinely interested and you want to give them the opportunity to bid for your property, just provide them with the Unique Identifier Code and they are in.
Our system will keep a record of all the bids and you (the seller) can decide if you want to accept or reject a bid.
Rejecting a bid will prompt the system to send an automated email to the bidder informing them of the status of their bid. They can then decide if they want to increase their offer or stay put.
Accepting a bid will escalate your property to “Sale Agreed” status and the highest bidder will be notified automatically that their bid was successful and the property is now sale agreed in principle with the highest bidder.
When the property goes Sale Agreed, the bidding process ends.
Please note that this status is reversible. If, for whatever reasons, you decide to undo this action the property goes back on the market and buyers can place new bids.
Our Advice: As an extra precautionary step, you should always reconcile a bid with its bidder. Remember that only people chosen by you are allowed inside the bidding room. If you don’t recognise a bidder you should ask for their credentials before considering their offer. This is to stop people from sharing the Unique Identifier Code with others. In the unlikely event of this happening please inform our team immediately.
IMPORTANT: Remember that this is not a legally binding auction. People can place and withdraw bids at any stage. Until contracts are signed there are no legal obligations from either party to go through with the purchase or indeed the sale of a property.
Online remote bidding has been designed to empower property owners by giving them the opportunity to witness at first hand the bidding process and to know exactly all the parties involved. It’s as transparent and fair as it can possibly be. Once the property goes Sale Agreed it is up to your solicitor to draw contracts and prepare for closing.
BE AWARE OF: “Buyers remorse”
In some cases people who have got into a ‘bidding war’ and ‘win’ the property may reflect on what they have done and decide that they have over paid and perhaps pull out of the sale. Unfortunately this can happen and there is nothing anyone can do about it.
The only thing you ( the seller) can do to manage or indeed prevent this scenario from happening is to establish good communication with all the players involved from the beginning. This will help you ascertain people’s level of intent from the day one and to create a positive and fair environment for all involved. Establishing a good and trustworthy relationship with all interested parties will be the foundations of a great and successful campaign.
Remember that buyers are also investing their time and feelings in an attempt to buy your home, Emotions are running high so be mindful of that and be grateful for their effort.
If someone pulls out, you can still approach the underbidder and go from there.
These bumps and challenges are unfortunately part of the process and the truth is that no estate agent can control that.