6 easy steps to selling on a live bidding platform
Agent wins instruction to market property via MyBid4it live bidding sales tool.
Agent instructs property to market, lists on MyBid4it website, highlighting the purchase process, time and date online bidding takes place.
Agent conducts viewings and then calls potential buyers for feedback. Any interested parties are sent an email link to register with MyBid4It for that particular property.
An email is sent to all registered buyers one day before the property goes live as a reminder, and to confirm they understand the process. Another email is sent on the day of bidding as a final reminder. Interested parties will receive an alert five minutes before the property goes live so they can prepare.
The live bidding process lasts for 15 minutes. Any bids entered within the final minute will add a further minute to the clock. Each bid made via the buyer or another buyer will generate an auto email confirming this to each party.
Once the highest bid is finalised, the successful buyer is sent an email with the reservation form to complete, e-sign and return, and bank details to transfer the reservation fee. MyBid4it then forwards and confirms all details with the agent who will progress sale to completion. The reservation fee sits in holding account until the day of completion, when 1.5% of the purchase price will be transferred to the estate agent.