Timed Auctions | Kollosche

Building Trust Through Transparency

As the Gold Coast’s leading prestige property agency, Kollosche uses a wide range of sales strategies to achieve premium results for our clients.

To further ensure the diverse needs of sellers and buyers are met, Kollosche has introduced the option to sell and purchase property virtually through timed auctions and timed sales.

To facilitate this new sales strategy, Kollosche has partnered with Realtair, a third party platform specialising in timed auctions and timed sales.

Timed auctions and timed sales are conducted entirely online, run within a specified time period, and have a deadline including a finish date and time.

Prospective buyers register online and the highest bid or offer is visible to every participant at all times for the duration of the campaign.

Timed auctions are overseen by an auctioneer and, as with a traditional auction, the sale to the highest bidder is unconditional and binding when the deadline is reached.

Timed sales are similar to private treaty campaigns in that the sale is overseen by an agent, has conditions attached, and a cooling-off period.

Benefits for Buyers and Sellers

A larger number of buyers can register to participate at any time and from any location. This is convenient for buyers and the increased competition can lead to a better result for sellers.

Both buyers and sellers enjoy the transparency of seeing the current highest bid or offer at all times, ensuring complete transparency.

Buyers can sign up for alerts and be notified of changes to the highest bid or offer in real time, reducing the stress of missing out or wondering where your chances lie.

Frequently Asked Questions

What do I need to know when participating?

The most important thing to do before a timed auction or timed sale is to ensure your finances are ready and that your due diligence is done beforehand, just like any other sale. You must also be familiar with the terms and conditions of that particular sale or auction.

Does the timed auction or sale close at the specified end time?

If a bid or offer is placed on a property in the last five minutes, the timer is reset for five more minutes. If no bids or offers are placed in the final five minutes, the auction or sale will finish at the original date and time.

If I’m the highest buyer, does the seller have to sell to me?

If it’s a timed auction and the reserve has been met, then yes the sale is final. A timed auction is run as a standard auction and follows the same legal protocol.

A timed sale is a conditional sale with a deadline. At the end of that deadline, the seller holds the discretion of who to sell to. Their choice could be influenced by the conditions attached to the offer. For example, the settlement period, reduced deposit, or similar considerations.

If my bid is successful in a timed auction, how do I pay my deposit?

If you are the successful bidder, you will pay your deposit immediately through Realtair by bank transfer or direct debit. On Realtair, you can draw funds from multiple accounts. Realtair does not have daily limit transfer fees or transfer costs, just quick and secure payments every time.

If my offer is accepted following a timed sale, when do I sign the contract?

You’ll be expected to sign the contract and pay your deposit as soon as is practical after the sale deadline. The agent will contact you and talk you through the process.

Do I have to sell to the highest buyer?

If it’s a timed auction and your reserve has been met, then yes you must proceed with the sale. A timed auction is run as a standard auction and follows the same legal protocol.

For a timed sale, the seller has the discretion to decide whether to sell to the buyer with the highest offer. That decision may be influenced by the conditions attached to the offer. For example, the settlement period, deposit, or similar considerations.

How can I tell the buyers are legitimate if everything is online?

Buyers must register online and provide relevant identification in order to participate. The agent must approve the registration, ensuring all buyers are real before they can participate.

Does the buyer have to proceed with the sale after the countdown finishes?

Timed auctions are conducted under the same terms and conditions as a regular auction, meaning that if your reserve is met, the sale is unconditional and the buyer must proceed.

Timed sales are a conditional form of sale, similar to a private treaty sale. This means the final offer is non-binding until the buyer signs the contract. Likewise, you may choose an alternative offer with more favourable terms.

The information provided on this page is for ease of reference only and is not intended to be relied on as legal or financial advice. In all circumstances, we recommend that you seek independent legal and/or financial advice to ensure that you are fully informed in relation to the risks and obligations associated with a relevant transaction.

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Timed Auctions & Sales