It’s really about case implementation, auctions are an event into themselves. A property normally goes for auction as a choice of sales approach from the outset. And while this is certainly a use for BeagelSold, we see the technology more as a closing tool. It’s probably best explained with an example.
Recently an estate agent had a property for sale. It went on the market by offline private treaty bidding. People viewed, offers came in. There was a lot of interest, in fact 8 different people made offers on the property. The price had reached a point that the vendor was happy with, the next issue was how to actually close the sale. As we all know, selling is one thing - closing is another.
So the agent decided that they would stop taking bids at that point and use the BeagelSold technology to close the sale.
All the bidders were told that no more offers would be accepted and that to continue the process, they would have to pay a refundable deposit, provide proof of funds and get their solicitor to download the contracts. Once the bidding re-opened, bidders were bidding to complete.
Immediately the number of bidders dropped from 8 to 2.
The solicitors check the contracts, raise queries and advised their clients to complete. The bidding re-opened 3 weeks later between the two and the property was sold. Not sale agreed, sold.
Contract were signed there and then and the keys changed hands 14 days later.
That’s how BeagelSold works in the real world. You have a sale, its reached a point - be it “Sale Agreed” or close to it, and your clients wants to ensure timely closure. You close the sale using BeagelSold.
The technology can also be used after you go “Sale Agreed” on a property; be it through BeagelBid or offline. At the point of going sale agreed , consult with your client and advise the purchaser they have 4 weeks to examine contracts, after that time, the system will open and they will have a window to sign contracts. The deposits are paid, AML is competed, solicitors raise queries as normal but everyone knows that the sale must complete by that time.
And thats why BeagelSold is not called BeagelAuction. BeagelSold is a closing tool who's purpose is to get sales SOLD. Be that as a straight up auction from the beginning or as a mechanism at the end is up to you.