Attending an auction in person or over the phone will soon be a thing of the past. Property app Gavl will live-stream auctions in real time to potential buyers across the world, all from the site of the auction. All the company needs to launch are investors.
The Australian start-up company, Gavl, launched the technology to allow buyers to browse listings, shortlist properties and watch auctions from their smart phone or tablet. The company are looking for $6.5 million from investors to launch the app which will be useable anywhere in the world.
In New Zealand, Gavl have already partnered with real estate agencies Ray White and Harcourts to start streaming auctions in Auckland.
How the app works
The auction will be filmed on a smartphone device from the site, through the app. This recording is streamed to users of the app in real-time. House hunters can simply select an auction from a map in the app and watch the bidding.
The company is also hoping to enable a feature that would allow digital contract signing, deposit transfer between buyer and seller via the agent and 360-degree camera integration and artificial intelligence in the next year.
Where’s the demand?
Despite real estate agency’s interest in the app and the potential it has on the consumer and house buying process, auction results continue to decline.
Real Estate Institute statistics show that the number of houses going to auction in New Zealand more than halved in the last year, with only 956 properties sold by auction in May, 2017, down from 1,982 in May, 2016.
The interest may not be in auctions at the moment, but property agencies are hoping the app will help make a difference.
Gavl founder Joel Smith says buyers live through their phones and believes that digital contract signing could hold the key as there would still be the need for real estate agents and auctioneers, but the difference will be in communication.