Online auctions have become the preferred method of sale among NAVA Propertymark members according to recent research by Propertymark. The survey findings indicate a significant increase in the number of online, not live, auctions, with 76% of auctioneers confirming this shift. This trend highlights the evolving technological landscape and the enduring impact of the pandemic.

The study also indicates that live stream auctions have surpassed ballroom auctions in terms of popularity. This growing competition suggests a potential gradual shift away from traditional ballroom auctions.

The rise of online auctions aligns with the advantages they offer, such as cost-effectiveness and inclusivity. These digital platforms have proven to be practical alternatives, particularly during the pandemic.

Despite the surge in online methods, in-person viewing of lots for sale remains the prevailing practice among auctioneers. This quarter, still imagery has surpassed video in popularity.

Nevertheless, it is evident that auctioneers continue to prioritize in-person viewings whenever possible, as 97% of them continue to offer this option. The opportunity to physically examine lots firsthand still holds immense value, not easily replaced by imagery or video.

The report also sheds light on significant challenges faced by auction professionals. One of the primary issues identified is the difficulty in securing payment from buyers after the auction concludes.

Non-payment not only increases administrative burdens for auctioneers and vendors but also exposes non-compliant buyers to potential legal consequences. Settlement costs can exceed the original purchase price, emphasizing the importance of buyers understanding the full scope of costs associated with auction purchases.

Nathan Emerson, CEO of Propertymark, commented on the survey findings, stating, "Online auctions, particularly non-live formats, have surpassed traditional ballroom auctions, indicating a potential long-term shift away from in-person auctions."

Emerson also acknowledged the challenges related to post-auction payments, saying, "Non-payment not only creates additional administrative burdens but also poses legal risks for purchasers."