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Topic: Building an auction platform for real estate
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AuthorTopic:   Building an auction platform for real estate
Anonymous
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posted: 2/2/2021 at 11:37:11 AM ET
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Below you will find a full list of features to implement in your real estate auction app. To read the full guide, please visit our blog on the Yalantis website.

Add a property to the platform. This generally involves creating a new property listing by clicking Add a property. Some real estate auctions charge agents to place listings. For example, RealtyBid charges sellers $150 per property. This payment is non-refundable and is paid by bank card as soon as the agent lists the real estate.

Select a duration for receiving bids. During this period, the property is listed on the auction platform to get bids. This time frame usually includes pre-auction, staging, and post bidding periods. The listing fee is normally fixed and is the same regardless of what duration a seller chooses.

Modify a property listing. Sellers can make changes to information about listings if needed.

Reoffer the property. In case an auctioneer decides that a bid was won unfairly, they can allow the seller to re-offer it in another round of bidding.

Description. It shows the number of bedrooms, bathrooms, square footage, etc.

Photos. We’ve already described the importance of quality images for online businesses in How to Build a Real Estate Web Platform: Core Features and Add-Ons. If you’re interested in the requirements for photos, we recommend reading that article.

3D tours. This is another way to enable users to view properties, as 3D technology allows homebuyers to get a deeper understanding of the layout, size, and interior design of a home without stepping inside the front door. Hundreds of potential bidders will be able to view the same house whenever they want, as virtual tours enable them to examine every inch.

Notes and disclaimers. It describes the legal rights and obligations related to a specific property, such as whether it’s occupied, conditions for payment, etc.


Current or starting bid. The bid amount for an auction that is already in progress is called the current bid. The starting bid (also called the opening bid) is the lowest acceptable bid for an auction that hasn’t started yet.

Auction timer. It shows the date of an auction or the time left before an auction ends.

Filters. Filters are the best solution for finding the needed content. A user should be able to apply advanced search filters to focus on properties that match their specific needs. Finding these filters should be easy; they should display every time a user clicks in the main search field. Alternatively, a user may click an advanced search link. A real estate auction should allow users to filter properties by location, price range, asset type (bank-owned, foreclosed, short sale), and other criteria.

Sorting. This enables a user to sort properties in ascending or descending order by:

Auction time remaining, which helps users see how much time is left until the start or end of an auction;

Price, which helps users see the selling prices of already sold properties, the current bids of open auctions, and the starting bids of planned auctions;

Auction dates, property size, popular properties, and newly added properties.

Saved searches. A user should be able to save properties they like to favorites as well as save their search parameters. In addition, recently viewed searches can be made available for users. These features will save buyers’ time by letting them quickly and conveniently return to properties they’ve already viewed or added to favorites. All saved searches also can be used by the platform to recommend new listings based on a user’s interests.

Countdown timer. The bidding countdown clock is typically from two to three minutes. If no one bids by the time the clock runs out, the bidder who made the last bid is awarded the property. If someone bids within the time allotted, the clock resets.

Automated bidding process. This feature is designed for assisting during a bidding event when a buyer is away from their computer. You can implement a proxy bidding system, which is software that automatically places a bid on behalf of a bidder up to the maximum amount set. A proxy bidding system allows someone to remain the highest bidder and win an auction even if they can’t place bids at the moment of the auction. Proxy bids remain confidential.

BIN (Buy It Now) functionality. Sellers should be able to set a Buy It Now price or the price they would like to sell for on the spot to save time. This helps buyers bypass the bidding process and instantly buy a property at the seller’s desired price.

Auction calendar
This feature provides information on upcoming real estate auctions. Let users filter auctions by location, asset type, event name,

Bidder dashboard
This is the command center for all of a bidder’s activity. It’s especially useful for people who sell real estate professionally or bid all day long (for example, agents who work directly for investors). With the help of a bidder dashboard, a buyer can:

Receive property notification emails. Let your users sign up to receive notification emails about new properties in their area of interest. These emails may contain outbid notices, high bid confirmations, contract questionnaires, documentation, etc.

Create lists of saved properties. Make all saved searches available for buyers and present them in the form of lists for easy access.

Manage bids. Allow your buyers to place bids on chosen properties right from their dashboard for greater convenience.

See additional information. Provide current statistics on active bids, activity history, and upcoming auctions matching a bidder’s interests.

Reports and analytics. Deliver automated reports and analytics to your bidders using presentations and charts for effective analysis.

Earning money with your real estate auction platform
Auction platforms usually charge users a number of fees for the services provided. This is how they generate revenue. Let’s see what these fees are.

Buyer’s premium. This fee is paid to a platform for handling the sale and is commonly between 5 to 10 percent of the final purchase price. The minimum buyer’s premium is usually $1,000. Once the buyer’s premium is paid, the full purchase price must be paid by the buyer within 30 to 40 days. If the winning bidder fails to make this payment, the virtual auction house keeps the buyer’s premium and re-auctions the property.

Transfer tax. This fee is paid for transferring the title of the property to the auction winner from the seller. Transfer tax is stated in the purchase and sale agreement a buyer obtains before closing. Tax rates vary by state. For example, California charges $1.10 per $1,000 of the sale price.

Technology fee. This fee is imposed on all users by an auction platform to pay for use of its services. This fee can be $200 to $500 and is added to the purchase price of houses bought on the platform.

Attracting more buyers with auction financing and bridge loans
Many of your potential bidders will be interested in financing. Let them get financing right through your platform. Hudson & Marshall auction, for example, provides financing by JP Morgan Chase, Wells Fargo, and Civic Private Money Lending Company. Thus, borrowers can pre-qualify for a loan without leaving the website.

Additionally, you can team up with some national lending companies providing bridge loans, a type of short-term loan that’s tailored to auctions. These companies ensure a prompt turnaround of funds, which can be agreed in advance, during bidding or on completion of the auction to assure funds will be accessible on time. This then gives time for your buyer to get a mortgage or another long-term funding solution that fits their needs.

This is a perfect way to turn your visitors looking to buy residential or commercial property and seeking financing into real buyers by giving them all they need to bid on your platform.

Ensuring mobility for users
Thanks to a mobile real estate auction application, your buyers will be able to bid from anywhere in the world. A mobile app keeps your users abreast of what’s happening.

We suggest the following features for your real estate auction mobile app:

Notifications. With this feature, users can receive alerts informing them about new listings, upcoming auctions, new properties in saved searches, and so on.

Location awareness. Allow users to search by their current location, type in a specific address, or draw a custom region on a mobile map.

Sharing. This enables your users to share properties via text message and email and on social media.

Real-time bidding. This allows users to place their bids and check the bids placed by others in real time.

Messaging. An in-app messaging communication system enables users to share properties with friends, family, and agents, even if they aren’t using the app. Users can receive replies right in the app. This is convenient, as users can find and talk about homes they like without even leaving the app.

How to ensure choice for buyers
All the steps described below – along with listings from real estate agents, investors, asset managers, builders, and major corporations – will provide an abundance of real estate for your potential bidders.

Conclude agreements with national banks and mortgage servicers to ensure listings on your platform at significantly reduced prices.

Assert yourself on real estate agent directories such as RedFin, Trulia, Zillow, and Yahoo Real Estate, as they get heavy traffic and getting listed on them will attract users to your platform.

Employ various advertising and marketing strategies in addition to the MLS integration strategy usually provided on advanced real estate websites to drum up visitors to your platform. You can check different sources of property listings for your platform in one of our previous articles.

Basic things to ensure user safety on your auction platform
To get more loyal users, you need to pay a lot of attention to the security of your platform. Here’s how you can gain the trust of your community and ensure users that your platform is safe.

ID verification. The registration form your users have to complete before placing bids should ask for ID and credit card information. If ID verification is questionable, you have a right to reject the registration and terminate bidding activity to prevent fraud.

Real-time auction tracking. Allow sellers to watch how buyers place bids in real time.

Ratings. Let users leave reviews about each other after completing a purchase.

Bidder’s agreements and obligations. Include rules in the bidder’s agreement such as immediate termination of membership in the event of shill bidding to avoid fraud on your platform.


Emma
Registered User

Registered:
3/19/2021
posted: 3/19/2021 at 10:51:34 AM ET
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Building real-estate apps are usually popular in PHP, Python and Java. If you are planning to develop a real estate app where the users can add the features regarding the property such as selling, purchasing, or renting the property.

Or if you are planning to create an exclusive mobile application, You must figure out how your end-users are interacting with your applications.


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