Leveraging technology to advance bank-owned and foreclosure sales
After nine years of innovation, Auction.com continues to push the envelope
As in many other industries, the power of technology has completely reshaped the way that real estate is bought and sold in recent years. So, it’s no surprise that technology has become a game changer in the bank-owned home and foreclosure market as well.
Over the past nine years, Auction.com has been effectively leveraging technology in ways that have allowed its clients to begin optimizing their disposition strategies long before properties go to foreclosure sales. Where sellers of bank-owned and foreclosure properties were previously limited in their access to potential buyers, their reach has been significantly expanded to a global audience through the internet, mobile technology, database marketing, email, social media and search engine marketing.
All of these are fully leveraged by the team at Auction.com to create enhanced awareness of properties coming to sale, thereby driving demand that directly benefits the company’s clients.
“Technology is at the very core of everything we do at Auction.com,” commented General Manager Jason Allnutt. “Even the live foreclosure auction events we conduct at courthouse steps all across the country use an enormous amount of technology in the behind-the-scenes processes, our online marketing programs, and our communications with both sellers and buyers.”
Indeed, technology has improved Auction.com’s buyer experience as well. While in the past a buyer may have shown up at the courthouse step only to learn that a sale had been postponed or cancelled, or to learn that a seller had decided to bid at total debt and take the asset into their REO portfolio, today, Auction.com buyers can get this information digitally well in advance of the actual event.
They can find out whether a home is intended to sell at a reasonable price, review title reports and property condition assessments all from the convenience of their home or office, and even place a bid remotely through the company’s proxy services. All of these advantages have come together to form a true online marketplace where one did not exist previously.
Other improvements Auction.com has made to its REO and foreclosure disposition resources in 2016 include simplifying its bidder registration process, changing the format of its property display pages to make them more streamlined, and adding a live-chat feature to ensure optimal customer service.
The positive feedback received from buyers and growing market share from REO and foreclosure property sellers over the past years has proved what Auction.com’s founders have long believed: That real estate is moving online.
And, as the world has become more dependent on mobile technology, Auction.com is bringing the same user experience to mobile devices. Thus, the Auction.com iPhone/iPad and Android apps were born. These apps enable buyers to search and save properties that are on the platform. And unlike other popular real estate applications, the Auction.com mobile apps actually allow buyers to bid on and buy property they’re interested in.
“In partnership with our clients, and investors like CapitalG (formerly Google Capital), we believe that this technological innovation and the benefits it is creating in our industry are only the tip of the iceberg,” said Allnutt.
“In the next year, we plan to launch an industry-changing program where we will be able to harness our marketplace to not only match buyers with a home, but expand that interaction to include the occupants as potential and certified renters. Just imagine the day when a seller can avoid an eviction by transitioning ownership of a foreclosed home to a buyer who could benefit from having a tenant already in place! These are the types of advances our industry can look forward to as we continue to push the envelope.”