In an online property auction, the property is put on sale on the internet.
“During online auctions, bidders compete on a particular property and submit their bids online via the auction company’s website”, explains Rainer Stenzhorn Director of Marketing for In2assets the South African commercial real estate company that specialises in property auction sales. “Online auctions have become an important part of electronic commerce because of the flexibility and possibilities they provide. In an online property auction, the property is put on sale on the internet. Therefore, there are no on-site bidders. Typical sale of the property on sale is conducted over computers connected to the internet. Auctions done on the auction houses website such as In2assets have specific timelines and sometimes deal with specific increments of bids. Bidders enter their bids against other competing bidders on the website for the same property. The biggest advantage of an online auction is that bidders can participate globally from any location of their convenience”, ends Stenzhorn in his explanations.