A comprehensive for prospective bidders participating at a Timed Auction
Overview
Timed Auction has the same sale condition as an Auction, if successful, you are bound by the state’s auction conditions
➡️Want to know more about what Timed Auction means for the buyer?
Jump to other sections
- To participate in the Timed auction
- Once you click “Bid”
- Bidding
- Property details and property images
- Announcements
- Leading up to the end of the Timed Auction
- When the timer ends
Before you begin you must have a Realtair Account and register to place a bid on the auction.
To participate in the Timed auction
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Go to the listing page provided by your agent
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You must register to bid in a Timed Auction - You can click on the Register to bid button to join the Timed Auction at any time
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When the auction is in progress, we will display a banner with a timer counting down - ‘Ends in xx hours, xx minutes.’
Once you click “Bid”
You will see 3 main sections on the bidding page
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Bidding calculator
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Property details and property images
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Announcements
Placing a bid
On the left-hand side, you will see the bidding calculator where you can:
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The bidder's name and bidder number
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Time left on the Timed auction
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minimum bid increment
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Current bidding activity, and whether you are the highest bidder
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The bidder can click in the text box and enter their bid with their keyboard, alternatively, use the bidding increments to quickly add to the current highest bid.
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Finally, the bottom section displays the complete bidding history. The bidder can scroll through this and clearly see all bids placed and important milestones such as the property being called ‘on the market’
Property details and property images
On the right-hand side, you can
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View the property and agent details
Announcements
Any messages broadcast by the agent and auctioneer during the auction will appear as a banner across the top of the screen.
The full history of announcements will always be available below the property details. The bidder can easily scroll through ensuring they never miss an important update.
Leading up to the end of the Timed Auction
When there is only 5 minutes remaining on the timer
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All buyers and followers get notified via email when there are only 5 minutes remaining before the auction ends.
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The timer will always reset to 5 minutes when a bidder places a bid within the last 5 minutes remaining; or If the timer is extended by the agent/auctioneer - you will see the updated timer on the bidding page, and you can continue to place a bid.
When the timer ends
When the counter timer ends, you will see it on your screen
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“The countdown has ended”
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The announcement is updated with the expected next steps
When the counter timer ends, and the agent opts to finalise the results
The winning bidder is required to update their registration and proceed to signing of the contract
Followers and other bidders will see the below ➡️
