New property tech outfit FinalCall says it’s ready to shake up how real estate is bought and sold, launching an online platform that will allow Australians to bid and buy at auction online without attending the site.
FinalCall founder Paul Arnost said his firm was at the forefront of a new property technology trend that has seen real estate agencies thrust into the digital age. According to Mr Arnost, FinalCall has already signed up global commercial real estate firms and is raising $1.6 million to close its seed round.
“Auctions can be a nerve-wracking time for the vendor and the real estate agent. Half the battle is making sure buyers show up and the other half is selling the property for the best possible price,” he told The Australian.
“FinalCall is the ideal solution because it enables real estate agents and the vendor to attract the widest possible audience of bidders by offering online bidding in real time.
“For buyers, anything from poor weather, bad traffic or a busy schedule can mean missing out on prime real estate, but this won’t be the case with FinalCall,” he added.
“Instead they can bid on hot property regardless of the time or where they are in the world.”
Mr Arnost said FinalCall offered a market-tested digital scribing tool for agents and bidder interfaces that allow online bidders to watch and bid remotely, in real-time for an auction. This is a market first, he said, adding FinalCall can also reduce post-auction paperwork by allowing for payment of deposit and contracts electronically.
“Every other industry that uses auctions within Australia and other countries now has an established online bidding participation platform,” he said.
“The real estate industry is the last industry to adapt to this hybrid auction model and method. It’s being used in other industries selling company stock, horses, cars, and it’s resulted in better outcomes. We’re expecting to see the same here.
“They have all seen improved outcomes and this is now part of the standard auction process. Today, there is no other real option for being a part of an auction in the real estate industry, you either have to have a friend, family member or buyer’s advocate present on your behalf or you miss out on the opportunity to buy.”
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