Evolve from physical to virtual

Auctioneers say property auctions have been online years before the Covid-19 outbreak but the pandemic has accelerated the process. executive director Gary Chia says buyers nowadays are more internet savvy, and they do their own research.

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Looking at the current rampant spread of the deadly coronavirus, KGV International Property Consultants executive director Samuel Tan reckons that virtual or online auction will be the way forward as this method could mitigate fears of infection.

“However, where physical auctions are held, strict standard operating procedures should be adopted. Only those registered with the auctions are permitted to access the auction halls for biddings,” says Tan, adding that those who are fearful of unnecessary exposure can also engage the services of agents to represent them in the auction biddings.

Property Auction House executive director Danny Loh recalls that during the Movement Control Order (MCO) period, there were no property auction transactions recorded at all. The market only saw some movements from the conditional MCO period onwards after the online auction system was established.

“The pandemic has accelerated the use of technology in the operation of auction houses. Many of them have embarked onto conducting online auctions and also engaging into social media in advertising their properties. They are also placing digital payments as deposits at auctions,” Loh notes.

This story first appeared in the e-weekly on Feb 5, 2021. You can access back issues here.

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