Auction.com has received a 2022 HW Tech100 Real Estate Award, given to companies that are changing the home sales process forever – from home search to lead management solutions, and remote closing to transaction management software.
“Last year we won an award for Remote Bid, a feature on our mobile app that lets buyers monitor and bid on select foreclosure properties from anywhere in real-time,” said Steve Price, Auction.com Executive Vice President. FCL/Trustee Operations. “This year, our technology that helps drive Remote Bid captured the honor.”
The creation of Remote Bid is due to an Auction.com proprietary technology called AuctionSync®, a digital auctioneering application for local, live auctions that can capture asset-level data in real-time, automate bidder registrations, track bids, and validate funds. AuctionSync is the conduit technology of the digitization process for all Auction.com’s foreclosure auctions. It’s the reason the auction experience is now in the palm of your hand.
About AuctionSync
AuctionSync was developed to make the buying and selling of foreclosure properties accessible and convenient. It does this by capturing real-time bidding data at foreclosure auctions, creating the ability to digitize the auction experience at the courthouse steps. Information that was previously only witnessed by attendees at the live auction is now captured digitally in AuctionSync as a first step toward building Remote Bid. Capturing auction data electronically also makes the registration process fast and easy for buyers and lets the Auction.com analytics team look at bidding behavior and bid increments to help sellers validate pricing assumptions.
During an auction, AuctionSync allows Auction.com auctioneers and auction staff to receive real time updates on the status of a property. While conducting the auction, the auctioneer can track bids from individuals in the AuctionSync app on a tablet. This allows the bids to be transmitted in real time to the consumer application so buyers using Remote Bid can transact from anywhere. Because of AuctionSync, bidders are not limited by location in their selection of properties and don’t have to worry about harsh weather, travel distances, or socially distancing in a crowded auction venue.
Even through the challenges of the ongoing pandemic, there’ve been sizeable metric increases since December 2020:
“Collecting live event data was once elusive,” said Price. “Today, it’s integral in the quest to make foreclosure transactions easier, more convenient, and more transparent in our pursuit to help buyers and sellers and to stabilize neighborhoods.”