Real estate group REA has rolled out a dedicated online sales platform to allow its agents to sell properties through auctions.
BidNow.ie allows agents to schedule and hold both individual and group auctions either publicly or privately.
“We are changing the way property is being sold in order to improve efficiency and assist in bringing sales to a successful conclusion,” said REA chairman Anthony McGee.
“As well as the more anonymous online auctions, we will be facilitating both national and local in-room auctions, with each agent having the facility to host live-streamed events,” he added.
Bidders will sign in after applying for an auction passport, and will pay a returnable €5,100 deposit to bid. The successful bidder then pays the balance of the 10 per cent deposit and the sales contracts are executed electronically.
The vendor then issues closing documents and the sale closes within 28 days, which is less than through most offline sales.
