7 Main Components for Real Estate Auction App
Tens of thousands of real estate properties may be available at any given time, making auction software all the more important. This article will take a closer look at the need for a real estate auction platform and the components that are most crucial when designing one of these apps.
What you’ll take away:
- What the main components are for a real estate auction app
- Why each of these components is crucial for software for online real estate auctions
The contemporary real estate market has grown larger as cities expand and experience major building booms. However, with these ambitious building plans comes an increase in the number of foreclosed properties. Auction apps for real estate can make it easier for prospective bidders to start the process, as well as monitor the properties available for future bidding.
1. An Excellent Filter List
Prospective buyers using auction software are likely to find a lot of listings to have to narrow down. Filtering lists allow buyers to sort by property type, as well as starting bid range, the number of units when applicable, and other parameters. With the number of properties available for auction at any time, narrowing down the choices makes a difference in finding the properties to devote the most resources to acquire.
Accuracy is essential for this component to work best, and users ought to be able to reject filters that are not accurate. By eliminating the properties that are a poor fit from consideration, buyers will have the chance to shift their focus to the best prospects. Choosing the right properties to track increases the chances of getting a better return on investment.
2. The Ability to Share Potential Properties
Regardless of whether the other party is a business partner who needs to approve the choice of a friend offering casual input, a sharing feature is useful on a real estate auction platform. Investors will need to move quickly when selecting a property available for auction. Most properties have a relatively short bidding window open, which makes tracking activity all the more important.
The ability to share a listing is useful when one of the parties is in a different location. Investors often have partners in a different time zone or country. Sharing a property listing makes the process simpler for all properties in these circumstances.
3. Virtual Tours
Virtual tours help give would-be bidders a good idea of what type of property they might end up buying. One of the greatest advantages a virtual tour can offer is getting a feel for a property in a distant city. The tour can help an investor determine whether the property in question is worth their time or whether it would become too costly after repairs or improvements.
One of the areas where a virtual tour can help is by giving investors a chance to see any issues with a property that require care. Any investor bidding on real estate wants to make sure that what they are spending their money on is worth the effort. Virtual tours can help buyers make this vital choice.
4. PUSH Notifications for Bids
The property auction marketplace is very competitive. There is a strong likelihood that a property meeting multiple investors’ criteria will receive a high number of bids. PUSH notifications can play a role in making sure interested parties stay ahead of any bids.
Online real estate auctions face enough competition for bidding that investors benefit from getting notifications of new bids. Properties can change from being within the realm of possibility for a prospect to unattainable with a single high bid. An app that provides notification of each new bid makes the difference for buyers.
5. Pre-Auction Listings
Auction software can also provide listings for pre-auction properties. These types of properties are facing possible foreclosure, but have yet to be listed at auction. Owners of these properties might show a willingness to sell at short sale.
Allowing an app to list such properties may help buyers find an ideal property without going through the auction process. The same types of features used for auction listings could also benefit pre-auction listings. Examples of these features include filters, sharing tools, virtual tours, and PUSH notifications.
6. E-Signing for Closing
The closing for a property is a process that has often been somewhat tedious, with multiple forms involved. Real estate apps, including a real estate auction platform, can simplify this process with electronic signing. A transaction that would have taken up much of the day in the past takes minutes with these options.
Investors who want to take advantage of an ideal property will benefit from a quicker closing process. The number of properties that investors want to buy at any time might be high. A faster closing process makes it easier for buyers to move on to other properties under consideration that much faster.
7. Property Price History
One of the most valuable tools that buyers have at their disposal is the property price history. Having access to this history makes it easier for buyers to decide what price to list their investments for when selling. These prices can also provide key insights into how much investors should charge if renting out the property.
In many real estate markets, prices fluctuate according to factors that might be part of a boom and bust cycle. Buyers having an awareness of historical pricing makes finding the right online real estate auctions much easier. An investor who is aware of the fluctuations will be in a better position to predict trends that might affect their pricing.
In creating real estate auction apps, there are even key components that are among the most important to consider. This article describes what those important components are to consider. With each description, we have also summarized why each of these components is important.