Home Smart 100 2011 Soldonline.com.au (SMART 100)

Soldonline.com.au (SMART 100)

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Soldonline.com.au

This innovation initially came to life when…

David Scholes, a noted Real Estate auctioneer, and myself [Brian Edmonds] decided it was time to take one of the world’s oldest professions and introduce it to the digital age. We wanted to use the opportunity to create a better way of buying and selling property, one that is transparent and less stressful than the normal auction process.

WHAT & HOW

The purpose of this innovation is to…

Allow all property to be auctioned online, in real time, over days not minutes. We remove the stress associated with auctions and therefore allow buyers who would normally not participate in an auction to do so.

It does this by…

Automating the auction and allowing all information to be visible to the participants. A Starting Bid is set so that buyers know the bottom line. All bids are visible, although not the bidder’s identity. Buyers can log in at any time, and bid from wherever they may be at their convenience.

PURPOSE & BENEFITS

This innovation improves on what came before because…

The stress of a normal property auction has been removed and replaced with transparency and time. Those buyers who are put off by physical auctions can now happily participate. No more agents breathing down your neck at the auction gives both buyers and sellers more control of their situation.

Its various benefits to the customer/end-user include…

Reduced stress, increased transparency for buyers and sellers. The auction is accessible from anywhere 24/7, so no need to be limited by time or geography. All buyers can participate at their convenience.

COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

The traditional property auction has always been a stressful experience, and many buyers simply refuse to participate due to the extreme stress associated with the decision making required in the few minutes that it takes to auction a property. The alternative was private treaty, but this method does not produce a timely sale very often.

Its predecessors/competitors include…

The innovation of our system is not subject to competition as of now, but we compete with all the traditional methods of sale. These include auction, private treaty, expressions of interest, tenders, sealed bids and more.

TARGET MARKET

It is made for…

All property owners who wish to attain the best market price for their property. Our auctions are especially suitable for regional and rural property owners, in fact any property where the buyer is likely to come from out of the area. Since buyers can bid from anywhere we open up the field to more participation. Real estate agents and vendors are our target market.

DISTRIBUTION STRATEGY

It is available for sale through…

We sell our service through our web site. Vendors or Agents can create a login and upload the property for auction. We charge a fee by credit card or EFT, taken at the end of the upload process.

Our marketing strategy is to…

Increase and support our database of 4,000+ agents by providing them all the tools necessary to use our system, as well as conducting PR and advertising towards vendors directly. We endeavour to reach vendors through newsletters and social media as well.

SUPPORTING IMAGES

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