A Simple Guide to Online Auctions

A simple guide to...

Online Auctions

Online auctions may look a little different, but the exceptional results stay the same.

Reliance Real Estate online auctions, held via Zoom, work exactly the same way as public auctions, only from the comfort of your own spaces.

An online auction provides an experience as close to an onsite auction as you can get. Aside from the way you participate, by accessing an online auction 'room', everything else is essentially the same as what you would experience at an onsite auction.

The auction is conducted by the same rules, it is transparent, there is two-way communication and the potential outcomes are the same. The property may sell under the hammer to the highest bidder, may pass into the highest bidder, or be passed in on a vendor bid. If the property sells to the highest bidder, contracts will be exchanged and a deposit paid. If passed in to the highest bidder, the agent will negotiate exclusively with this party. If passed in on a vendor bid, the agent will proceed to negotiate with all interested parties.

ENQUIRE

INSPECT

REGISTER

BID

SOLD

Commonly asked questions...

How would Purchasers Bid? Purchasers will receive a comprehensive e-mail outlining how you can register to bid, and how you can participate in the process on auction day.

What are the options buyers can participate in the auction?

There are multiple ways. You can register to bid and 'attend' the auction via zoom, where you can watch the auctioneer in action.. you can also visit a link that allows you to watch the bids as they progress, which can be done in conjunction with either of the two options outlined above.

The auction rules will be read out as normal by the auctioneer and can also be accessed by bidders when they register. The Vendor's Statement/Section 32 can be requested from the agent for your review prior to the auction as normal.

Are the rules of an online auction any different to the usual auction method?

No, the rules are the same. For example, if you're successful on auction day via an online auction, no cooling off applies.

How do Purchasers sign a contract if I'm the successful bidder?

We are fully equipped with offsite auction contract signing, which means our vendors and purchasers can sign contracts from anywhere in the world! Deposit and residual amounts are automatically calculated, as well as settlement terms. You will receive the contracts via e-mail to sign and an executed copy is automatically sent to our office, the vendor, purchaser and each party's conveyancer.

How do I pay the deposit if I'm successful?

You will need to ensure that you have a daily EFT limit of at least $10,000 prior to the auction.

In the case you are the successful bidder, you will be required to pay a $10,000 deposit immediately after the auction, with the balance payable ASAP. You will then need to immediately email a copy of the deposit receipt to the agent.

How do I make a bid?

If you are interested in making a bid on a property, you have several options: Un-mute yourself and vocalise your bid Use the chat function to submit a bid if the auctioneer nominates a rise, put your hand up so it is visible on the screen After the Auction Once the property has been sold, we politely ask all parties to leave the chat session, apart from the winning/highest bidder.

Once all other participants have left the online auction, the next steps will be discussed and the contract of sale will be prepared and emailed to the purchaser for signing via Docusign/Adobe.

The deposit is then to be paid via an EFT transfer to the Reliance Real Estate Trust Account