Live vs. Timed Auctions
Live Auctions can be administered in person and online, require an auctioneer to facilitate the bidding, and all bidders must bid at the same time. Timed Auctions do not have an auctioneer present and run for an extended amount of time (Ebay utilizes timed auctions).
Here is How They Differ and Why We Believe Live Auction is your Best Option:
- Live Online Auctions Create a Sense of Urgency and Excitement: Sellers are present and prepared to sell. The property is always sold on the day of the auction. Timed auctions can take as long as a week with lag time between bidders and thus do not promote a sense of urgency.
- Fast Results: Live online auctions set a definite date and time of sale. Timed auctions allow an extended period of time for bidding.
- Competitive Environment: Live online auctions bring competitive buyers together at one time, which promotes competition. Timed auctions are done over an extended timeframe and allow bidders to bid at anytime during this period. This dulls the competitive environment between bidders by removing live competition.
- Expertise and Perceived Value: Live online auctions require a licensed and trained Auctioneer who maintains interaction with all bidders. Our auctioneers are trained in techniques that keep bidders informed, involved, responsive, and entertained. Given the same offering, the presence of an auctioneer will generate a higher value.
- Commitment from Buyer and Seller: Most timed auctions are with reserve, which allows the seller to accept or reject the offer. During most live online auctions the property is sold as soon as the hammer goes down. This provides peace of mind for both the seller and buyer knowing there is a full commitment once the final bid is accepted.