Real estate auction,the future considering the digitalization in India,this kind of app that will target investors,this app helps both the business men and the people who search for the new homes,this becomes the easy solution for finding the foreclosed,bank owned and the short term properties easily. BrillMindz, top mobile app development company has all the expertise to make these apps
What are the features that can be implemented for a real estate auction app?
Creating the user account and registering for the auctions
For a powerful mobile applications of real estate auctions the feature of creating the account is very important since maintaining the data for relevancy is very important and the option for registering for any of the auctions should be made .signing up option with email address and phone number should be made a mandatory so the updates or the reminder if the auction they have registered for can be sent
Listing the properties
Add the property
An easy access to the button should be made,clicking on that a form where all the details of the property intended to be sold should be entered
Select the duration of bid
A property cannot be on sale for the long time in a auction based mobile app so the option for the seller to select the date between which his property should be auctioned should be made available
Reoffer the auction
If the seller feels that the auction is not carried out properly a option to raise to ticket to the support team and request to the reauctions should be made
Infographics about the property
Properties does not sell by just the textual information the option top upload the photos and the videos of the property that has to be sold should be made so that the auction can be more easy for the buyers with their bid
This is the very important option where if the seller is specific law that has to applied to his property after selling can be mentioned here
Searching and sorting
There search here should include “search property by location”,”search by the price”,”search by asset type” helping the user experience easy and after the search the option to sort in ascending or descending order of the price should be made available
Some of the bidding option ask for the deposit ie 5 to 10 percent before the bidding on a property the main reason for the asking the deposit is to hold on the bidders bank card but after the bidding has been done the auctioneer should ask the bidders bank card issuer to remove this card hold
The bidder can bid on a property on any days of the auction time when the auctioneer opens the auction a bidder can the minimum auction amount, the number of bids and the number of bidders and what would be the top bid so that you can bid more than the top bidder if you are really interested in the property
When the bidder shows the interest in the property the count down timer for that particular auction for the auction should be notified so that the bidder can bid at the right time of the auction
The Bidding should also include the automated bidding and bin bidding format for the easy and the quick bidding options
How can this app earn money
This fee is paid to a platform for handling the sale and is commonly between 5 to 10 percent of the final purchase price. The minimum buyer’s premium is usually $1,000. Once the buyer’s premium is paid, the full purchase price must be paid by the buyer within 30 to 40 days. If the winning bidder fails to make this payment, the virtual auction house keeps the buyer’s premium and re-auctions the property.
This fee is paid for transferring the title of the property to the auction winner from the seller. Transfer tax is stated in the purchase and sale agreement a buyer obtains before closing. Tax rates vary by state. For example, California charges $1.10 per $1,000 of the sale price.
This fee is imposed on all users by an auction platform to pay for use of its services. This fee can be $200 to $500 and is added to the purchase price of houses bought on the platform.