In 1912, the first auction for the Ray White network was carried out by Mr Ray White from the porch of the dilapidated shed in Crows Nest that the entrepreneur had secured to develop his real estate vision. Fast forward 110 years to an era where the hammer now falls, and buyers and sellers can watch the entire process from the comfort of their own homes.
The concept of online auctions came to fruition and truly came in handy during the pandemic. Competitive software companies heard the desperate calls of the real estate industry and swung into action to quickly create platforms that made online auctions possible. Powered by humanised technology and carried out by live professional auctioneers, online auction systems placed buyers, sellers and agents in the one virtual space without ever needing to leave their homes— mission accomplished.
While for most agencies, the novelty of online auctions wore off as the effects of the pandemic did, one agency pushed forward, taking the concept of online auctions to the limits, and beyond! Peter Catanzariti of the Ray White Catanzariti Family Group saw the true potential of online auctions, and made them one of the focuses of his four-office real estate business.
‘Online auctions have forever changed the way that buyers operate in the real estate market, and it’s to our client’s advantage if we do everything that we can to embrace that change and harness the potential that has come from that’, Peter said.
Peter believes that selling via online auction creates never-seen-before selling potential, and in looking at his business’ sales results, he couldn’t be more right. Online auctions can place properties at local, interstate, and international levels, and they create an opportunity to place an unprecedented number of buyers into the one virtual space.
‘We have seen great results with our online auctions because of the competition they create’, he said.
‘Online auctions generate buyer pressure and invoke emotional buyer behaviour. Our experience is that this high-energy environment really drives sales prices up.’
Using a program called Auctions Live, along with a small crew of technicians, The Ray White Catanzariti Family Group host a weekly online auction event. Every Tuesday night a stellar line up of northern Gold Coast property is auctioned off, with Ray White Queensland’s Chief Auctioneer, Gavin Croft at the helm of the gabble.
‘Whether you are a buyer or seller, the Ray White Catanzariti Family Group’s auctions are exciting real estate events, and they are events not to be missed’, Gavin Croft said.
Peter says that the sales prices are not the only favourable outcome for his clients, indicating that his clients have found the process to be easy and stress free, particularly with the ability to watch the bidding take place from the comfort of their own homes or workplaces.
‘Our clients have enjoyed having family and other decision makers present with them and be in a familiar and comfortable environment when making life-changing decisions.’
With notable outcomes across the board, The Ray White Catanzariti Family Group’s advocacy for online auctions continues to grow. In the past 12 months The Group have held over 350 online auctions with a clearance rate that is approaching 80 per cent. Earlier this year they held the ‘Summer Series’ event – an online auction event held over three nights in January that purposefully aligned well with the gorgeous Gold Coast summer, and the flocks of sun seeking tourists that come to enjoy it. The event, which they now intend to host every year, was a tremendous success and solidified them as true leaders in the field of online auctions.
‘The Group’s Summer Series online auction event really gave the Gold Coast real estate market a jump into 2023, and we hope to see more’, said Gavin Croft.
There certainly will be more with The Group now collaborating on Queensland’s largest ever online auction event in May; the ‘Experience Event’. The Group will join forces with Queensland’s best online auction experts across the Ray White network to create real estate history and host the largest online auction event that Queensland has ever seen. It is expected that well over 60 properties could go under the hammer at the virtual event.
‘We are looking forward to working with and learning from other online auction advocates within our Ray White network’, Peter said, ‘we are always wanting to learn and wanting to evolve’.
There is no doubt that auctions certainly have evolved from the crowd of farmers that gathered around the porch of Ray White’s shed in Crows Nest in 1912, and according to the Ray White Catanzariti Family Group, there is more evolution to come.