How to develop equally active and effective platform to conduct online auctions for home buyers or investors

Client

Client expertise in selling residential, commercial, luxury homes, multi-family and hospitality properties, land, as well as performing and non-performing notes and loan pools. To date, client has sold over $20 billion of real estate assets.

Client’s Problem

The client was looking for an online platform through which one can work directly with lenders, financial institutions, developers and private parties in acquiring and selling properties. The client consistently conducts auctions, ranging from live ballroom mega-auctions to court house auctions and effective platform was needed in order for the business to grow online.

Goal

Develop a website that can facilitate the home buyers and investors to bid live at ballroom auctions,using a webcast platform, or participate in online-only auctions through using a state-of-the-art online bidding system where buyers bid in real time as the auction progresses.The goal was to enrich NAME as an online platform where users can perform all operations right from basics such as creating accounts, registering themselves for auctions, to very complex like online bidding on high value properties.

Solution

Developed one main centralized platform where most of the information data can sit and can be used for different purposes. Also developed interactive way to manage assets for all business verticals, residential, commercial, notes and land data. And last but not least, system now has extensive support to report the sales, marketing and management.

What’s been done

• All in one platform to accomodate all needs
• Real-time auction was built containing all up to date information
• The entire contract process was automated
• Implemented secure encryption code so the website won’t be exposed to hackers

Result

We have developed a proprietary and best in class online auction platform which is highly secure. Now with full automation all tasks are less time consuming. Features like auto-seler, randomizer, sealed bidding, proxy bidding etc are added in order to promote bidding for users.