Singapore’s e-commerce market has been growing rapidly, with a market value of close to US$5 million in 2019 (“eCommerce”, 2019). Not surprisingly, online auction websites have become increasingly popular compared to the traditional physical auctions (Jia, 2019). There could be several reasons for this:
Ever had to take a leave of absence from work just to attend an auction? Say goodbye to that as bidding can be done at your very own home whenever it is convenient for you. Furthermore, there is lesser paperwork when bidding is done online, leading to transactions being completed within a shorter time frame (George, 2019).
See more: Tour 20 showflats within 1 hour – from the comfort of your own home!
Online auctions encourage transparency as sellers can track whether their property is being over or undervalued. At the same time, buyers can have a better gauge of what the competition is like for the property that they are interested in.
Furthermore, buyers may be able to find more alternatives using various bidding websites compared to physical auctions (George, 2019).
Now that we know the benefits of online bidding, who are the leaders in the online real estate bidding space?
JTC e-bidding system allows one to choose which JTC industrial unit to lease with more than 10,000 units to choose from. Individuals can check out which new units are available for rent every week and bid for their desired unit in an open and transparent manner.
With more than 78 years of experience, Knight Frank is one of Singapore’s first real estate company. With its new bidding website, Biddin, buyers can bid for various different types of properties, one of which includes renting a heritage home.
Built by the same company that created the aforementioned platforms, TRUBid is a platform to bid for HDB resale flats. It boasts a full range of services available such as highly experienced property agents to help sell resale flats and ensure buyers get the best deals possible. It is a convenient, one-stop portal and pride itself in being transparent as bidding information is made available to all users.
See more: New way to buy/sell HDB
What are you waiting for? Head over to these sites to start finding the best properties and bid for them.
Check out more articles relating to tips and tricks regarding your home on https://blog.truuue.com/
eCommerce. (2019). Retrieved 9 December 2019, from https://www.statista.com/outlook/243/124/ecommerce/singapore
Jia, L. (2019). Online property auctions: a new norm for transactions?. Retrieved 9 December 2019, from https://www.businesstimes.com.sg/real-estate/online-property-auctions-a-new-norm-for-transactions
George, J. (2019). 8 Benefits of Online Auctions for Buyers and Sellers Alike. Retrieved 10 December 2019, from https://www.mindmybusinessnyc.com/benefits-of-online-auctions/