XWAuctions Launches an Integrated Live and Online Auction SaaS Platform for the Real Estate Industry

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The Emergence of Online Auctions in the Real Estate Industry

There has been substantial growth in the number of real estate auctions held in the last several years and auctions are becoming popular as a new and powerful tool to facilitate the buying and selling of real estate. According to the National Association of Realtors, real estate auctions are currently 21.5% of the overall auction market and in 2009 alone, 65 billion dollars of real estate property was auctioned off. It is also expected that during 2010, one in every three properties will be sold using an auction model. The trend is increasing for online auctions and it is likely to continue into the future.

Online auctions take care of many deficiencies and offer many advantages to buyers, sellers, and brokers. There is more transparency in the whole auction process because every potential buyer knows what bids they are competing against and they have more choices. Sellers can have their home sold in a fraction of the time that it would take in traditional methods and they do not have to negotiate with multiple buyers, as bidders compete with each other. The seller is also more likely to obtain true market value.

Realtors and auctioneers benefit from online auctions because they are an additional tool for selling real estate and the time to move inventory is greatly reduced. They achieve faster turnover of properties, faster receipt of commissions, and it generates additional premium revenue streams in terms of listing fees, buyer's premiums, etc. They are also able to attract more buyers, sellers, and agents to their business by leveraging online and live auctions as a tool to gain competitive advantage. Exposing properties to millions of bidders online is a much more efficient way to sell real estate properties than on a one on one basis.

XWAuctions (http://www.xwauctions.com) has launched their integrated live and online auction SaaS (Software as a Service) platform for real estate brokerage firms and auctioneers to use as an additional selling tool in their business. XWAuctions offers two auction platforms integrated into one SaaS model, including an online platform and a live webcast platform. The online auction platform allows bidders to view property details, pictures, documents, maps, reports, bid history, etc. Bidders register and place bids during the auction period and they also have access to a Demo auction tool for training. Bidders may also place pre-auction bids on a Conventional auction platform as they view properties before the houses are placed on auction. The live webcast auction platform gives the power to stream live audio and video of an onsite auction to anyone worldwide. The auctioneer is able to pre-qualify bidders, set minimum bids, reject, and approve bids both online and in real time. Bidders can view the auction live and compete with other bidders. All bidders may also view pictures and information on all available properties.

The other advantages of this new version software is that the code has been completely rewritten and optimized for faster more robust performance and high quality audio/video streaming is offered. It works across firewalls on both PCs and Macs, there is no software to install, it has a new improved attractive design, and is extremely flexible and easy to use. The backend administration has numerous powerful tools to manage the auctions and obtain detailed reports for effective management control.

Brokerage firms and auctioneers can now utilize an online auction and/or live webcast platform to conduct their own auctions, generate additional revenue streams, achieve global exposure, and gain competitive advantage. They can brand the SaaS platform to their own webpage look and feel, logo, colors, and connect it with their website for seamless transition into online and live auctions. With this SaaS model, there are no high up front fees for the realtor and there is no software to purchase or install. XWAuctions handles all the hosting, support, initial setup, and training, while offering custom development of additional features. With this SaaS auction technology, the possibilities are endless. This platform will change the real estate industry for the better by promoting efficiencies, reducing frictions, and increasing productivity in the real estate buying and selling process. Visit the demo page on our website http://www.XWauctions.com to view our product video and request access to explore the features of this powerful platform.

About XWAuctions
XWAuctions is headquartered in Chapel Hill, NC with offices in Mumbai, India. A Microsoft Certified Partner and BBB accredited business, their expertise is in auction platform software development and auction customization. Over the last seven years they have built numerous customized online auction platforms for multiple industries. Visit http://www.XWAuctions.com or contact Shelley Koerber at 919.636.5812.

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Shelley Koerber
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