Blog Post

Hybrid auctions - The new normal?

Publish Date: 28 March 2022

By Jade Shrubsole

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Further reading

Covid-19 - Transforming the auction industry

Celebrating 20 Years Exhibiting at Excel London for The Property Investor Show

Hybrid Auctions – The new normal?

With a lot of auctioneers still deciding whether to return to room auctions it seems with whatever decision they make online auctions are here to stay offering great advantages to both buyer and auctioneer.

So why not offer both methods to your clients and keep everyone happy? Hybrid auctions allow you to attend a room, place a proxy or bid online, or bid via telephone. Whether clients wish to go to the room and meet the auctioneer/staff to discuss the property face to face, or whether clients are more comfortable with the flexible convenience and rather bid online, there’s certainly positive points for all methods.

At EIG we speak with many bidders, and have had a lot of positive feedback, we even had a gentleman at one auction bid on a property while on the beach in Thailand!

We haven’t been surprised by the slow return to live events. Covid has accelerated an existing trend of holding auctions online within all auction sectors, chattels, antiques, fine art, plant etc.  The ease of ‘attending’ an online event is so much easier than travelling to a venue, and this had led to an increase in both bidder registrations, and lower costs, some ballrooms cost £25k to hire, as well as far more data and intelligence on the bidder’s habits and limits etc.

There is certainly the need for a ‘hybrid style’ auction if returning to the room, we look forward to seeing how auctions continue over the coming months as restrictions are completely relaxed.

To find out more regarding how to bid at an auction call us on 01737 226150.