Auction.com is proud to announce it has won a 2024 HousingWire Tech100 Real Estate Award, which recognizes the most innovative companies serving the real estate and mortgage industries.
“Auction.com is at the forefront of transforming the real estate industry with its innovative technology,” said Mirza Baig, Auction.com Chief Technology Officer. “We upgraded to a cloud-native micro-application architecture on AWS. This change accelerated our development, enabled seamless scaling, and introduced groundbreaking features, like personalized property suggestions through AWS machine learning and a real-time auction dashboard.”
At the core of Auction.com’s success is its groundbreaking products like Remote Bid™ and Portfolio Interact™, which have significantly modernized the buying and selling processes. The company’s shift to a cloud-native micro-application architecture on AWS has been pivotal for allowing rapid iteration and deployment of new features.
A significant aspect of Auction.com’s innovation is the use of AWS machine learning to personalize property suggestions, which enhances the client property discovery journey. Introducing a real-time auctioneering dashboard provides unmatched transparency and enables auctioneers and clients to make informed decisions based on live bidding activity. These features, a swift property search experience, and remote bidding capabilities have revolutionized the buyer’s journey in the real estate space.
“The company’s technological evolution is not just about innovation but also tangible impact,” said Baig. “Since re-platforming, there has been a notable increase in product engineering team performance, leading to the launch of groundbreaking features at an unprecedented pace. Personalized property suggestions and the real-time auctioneering dashboard have significantly increased buyer engagement and satisfaction. The Remote Bid feature, in particular, has seen over $260 million in winning bids, indicating its widespread acceptance and utility.”
Additionally, Auction.com has increased viewer engagement and user satisfaction scores. The company has witnessed significant market share growth, accounting for 30% of all distressed sales nationwide in the first nine months of 2023, an increase from just 3% in 2012. The company’s impact is further highlighted with 41% of all foreclosures brought to auction in the same period.
Over the past year, Auction.com achieved over $1 billion funded in Remote Bid user accounts, more than 8,800 properties receiving remote bids, and over 500,000 properties sold through Auction.com.
Related Links
https://www.housingwire.com/articles/the-2024-tech100-mortgage-and-real-estate-winners-are-now-live