When David Scholes sold his former business AuctionWorks in 2017, there were probably some industry watchers who assumed he was ready to call time on his 35-year career as an auctioneer and go quietly into retirement.
It was hardly an unreasonable assumption; after building up AuctionWorks over 21 years to dominate its target market and handle more than 70% of commercial property auctions on the Australian Eastern Seaboard, as well as personally calling more than 35,000 auctions over the course of his career, many people in Scholes’ position would be ready to put their feet up and enjoy travel, good books, or just pottering in the garden… but not David.
A Bright Idea Comes of Age
Instead, Scholes sold AuctionWorks to concentrate all his energy on another business – SoldOnline (formerly AuctionWorks Online), an online property auction platform he founded ten years ago. Back then, the idea was considered revolutionary, but perhaps too ahead of its time to go mainstream. Still, it’s now been tried and tested, with more than 800 properties successfully auctioned on the site – some of them considered ‘unsellable’ before David’s platform made the online auction a possibility.
Today, however, the timing is finally right for online auctions to become the norm (or at least a popular alternative to the traditional methods of sale). With virtually every other stage of the property-buying process now already happening online – from property search to ID verification, digital contract exchange and even settlement – Scholes believes online auctions are poised to become a standard feature in every agent’s toolkit.
Timing Right for Relaunch
With an upgraded online platform, new user-friendly features, more advanced technology, special relaunch prices for agents, and a complete rebranding as SoldOnline, the business is ready for the move to auctioning more properties online. The demand is undoubtedly there; property vendors who will only work with an agent willing to offer an online auction on the SoldOnline platform are already the main drivers of the business.
The only question for agents now is, how long will you wait to add online auctions to your arsenal of sales tools? And how many listings will you lose because your competitors are offering online auctions through SoldOnline, but you’re still stuck on doing things the old way?
How it Works
SoldOnline combines the best of private treaty/EOI and traditional auctions to tick more boxes for vendors and buyers. As a seller and agent, you can maximise your sales outcome by reaching a global audience, and as a buyer, you have control, privacy, and convenience at your fingertips.
Buyers sign up and go through the ID verification process before they can register to bid. The auction isn’t over in two or three stressful, frantic minutes; instead, they run for up to five days. There is a built-in incentive for bidders to bid up to the highest price they can afford, and a unique feature which means any bids placed during the ‘final call’ stage extends the auction another three minutes, ensuring all prospective bidders have a fair final chance to bid for the property.
Next, read about the digitisation of the real estate transaction – this time straight from industry expert David Scholes himself.