Livestreamed auctions continue for Bond Wolfe after research shows 95% of bids now online
We have taken the decision to revert to live-streamed auctions after our research revealed the mass majority of bids remained online during our first return to an in-room auction at Villa Park on 21st July. More than 95% of bids were made online, despite hundreds of people attending in person.
Gurpreet Bassi, Chief Executive of Bond Wolfe, said: “We were really excited to return to Villa Park after receiving lots of feedback from buyers and sellers that there was demand to return to an in-room auction. However, while it was a successful day and it was good to see so many familiar faces there in person, it was clear to see that the majority of bidding was online.
“Indeed, closer analysis confirmed that despite an excellent in-room attendance more than 95% of the bids were online, by phone or proxy. This prompted us to undertake some in-depth research over the last few weeks, including a survey with our sellers, buyers and bidders which received thousands of responses.
Our research showed that the overwhelming majority of our audience preferred live-streamed auctions, with the main reason being the convenience of bidding remotely and around work and other commitments. People also said they had become used to bidding remotely, plus Covid-19 is still having an impact, with others telling us that they preferred not to mix in crowds.
“We are not saying we won’t ever hold an in-room auction again, as we do not think that there has necessarily been a permanent shift online. But like every other industry, these trends are something we need to continue to monitor, with more research planned for next year. We will, of course, adapt to demand as required.”
“Our results from July show that demand for property continues to outstrip supply and it is still a great time to sell your property – with our live-streamed auctions being the ideal way to do this quickly and efficiently.”
We are now inviting entries for our next auction starting at 9.00am on Thursday 15 September 2022.
For more details and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/, or email [email protected], or call 0121 312 1212 or 01902 928 510.
Anyone with properties to sell in a future auction can arrange a free appraisal by calling the auction team or visiting www.bondwolfe.com/free-property-appraisal/.