Any decision to move away from live or online sales – which have been the only method of buying and auctioning during the pandemic – will need to be carefully considered.
âThe live sales have been a spectacular success for us, even more than we could have imagined. Not only have our success rates increased, but we are seeing three to four times as many people engaging in our auctions than when the sales took place in the hall, both in terms of registered bidders and others just interested in watching and experiencing the excitement of the auction process.
âMany more young people got involved while the number of our regular customers remained unchanged. ”
If we returned to the room, we would take the Internet auctions with us, in addition to the options of telephone auctions, proxy auctions, and attending in person.
Our analysis indicates that there was a 10% increase in the engagement of 18-24 year olds in its sales and a 5% increase in the 25-34 year old age group during the pandemic, while the The commitment of the over-65s has remained exactly the same.
âWe must be careful not to disrupt this new demography gained over the course of the Covid crisis.
âLive auctions have allowed us to attract bidders to auctions from around the world over the past 18 months, including successful bids from Hong Kong, America and Greece.
âWe have to remember that from a public perspective there is always a reluctance to come together in large numbers unless absolutely necessary – especially when bidders before the pandemic often brought family members. in the room, so they might not want to expose them to what they perceive is a greater and unnecessary risk.
âThe power of video tours has been phenomenal, with many of our buyers bidding solely on the strength of video. ”
Since the foreclosure, our live auctions have sold 323 of the 339 properties on offer – a 95% success rate, raising Â£ 27.4million.
They are now taking lots for their next auction on Thursday, October 21, which will be broadcast live on their website.
If you would like a FREE auction evaluation, please contact the team. Suitable auction lots include residential or commercial properties (tenants or vacant), development opportunities or land.
Phone. : 01228 510552
Email: [email protected]
Web: Cumbria Auction House