Auctioneer takes a byte out of bricks and mortar

Covid has upended the property market in Ireland, the result being a remarkable rise in both the volume and value of assets being traded online.

“Technology is changing everything and is at the front of everything we’re doing right now,” explains Raymond Smith of Cavan-based Smith’s auctioneers, who says the property sector is investing more in methods of bringing new homes right into the living room of prospective buyers.

“We’re reacting to buyers requirements and, of course, on the back of Covid restrictions, myself and everyone else in the industry had to begin thinking outside the box. The likes of having professional standard images, videography, better floorplans, drone photography, and virtual viewings. Basically giving as much information to the buyer so that they are comfortable to make the decision they’re making.”

Bidding platforms go hand-in-hand with the new raft of changes where the pandemic has accelerated a tech-focused approach to property sales.

Smith’s have embraced the auction system Offr, and is the only auctioneer in the region operating the platform. The business’s first foray, towards the end of last month, saw a 100 per cent success rate in terms sales with the properties listed achieving a combined average of 11% above asking price.

Among those listed was an old farm house with 41 acres attached at Derryham, Bailieborough; a detached bungalow at New Inns, Ballyjamesduff; and a semi-detached two-storey home, also in Ballyjamesduff.

The most impressive return above the predicted value of the property was a detached two-storey home in Oldcastle, which sold for €47,500 more than the initial asking price.

Mr Smith believes that technology will be a a huge “driving force” for the property sector for the foreseeable future at least and, beyond that, considers that the changes embraced now will be here to stay. Part of that is the transparency of online auctions offered to all parties - seller, buyer and auctioneer.

“You see a sale happen in real time, what offers are in. We had around 25 registered bidders for our digital auction, and a 100% success rate in sales.”

Consequentially, the firm is now looking for more properties to market.

Mr Smith notes that it is a “seller’s market” at the present time.