AI – The future of auctions
It is 2028, and it's auction day. I'm on my way to the auction venue in my driverless car, and I am checking my emails for any overnight updates on my smartphone. Artificial intelligence and big data may have brought about significant changes in property auctions over the last ten years. However, I still have the same pre-auction butterflies and excitement that I have always had.
Technology has helped advance many aspects of the sector. We have seen auction houses embrace these changes, enhancing our buyer's and vendors' auction experience while streamlining processes for auction teams. Ballroom auctions are as popular as they have always been, albeit with fewer peppered throughout the year, alongside a cycle of online-only auctions.
Artificial intelligence is one of the reasons why we are expecting an incredibly full auction room today. Using data analytics and bots, we have been able to identify better and target potential buyers. This data has enabled us to tailor our digital marketing campaigns and provide potential buyers with the information they need and details on properties that are most likely to be of interest to them.
For many years, buyers have begun their property search online, and the information they would find often informed their journey and, sometimes, their purchasing decision. Technology has helped us better educate our customers; photographs complement online virtual tours, taking customers beyond stills' limitations and bringing properties to life. Our Allsop chatbots are also on hand around-the-clock to answer questions and provide further information immediately, speeding up the process and ensuring no query goes unanswered.
The auction catalog is still integral to our marketing campaigns, but as technology has evolved, too have our brochures. Our catalogs are almost always read on a tablet rather than in print, are real-time brochures, automatically updated with the latest buyer information.
Accurate pricing has always been integral to auctions' success; lots priced too high can fail to generate fair competition on the day to reach the best price. Artificial intelligence now supports our valuation and auction teams by analyzing market trends and predicting future outcomes. This intelligence is based on real-time data and enables us to provide a remarkably accurate market valuation. Automated market analysis means that any shifts in the market and buyer interest (which can now all be measured effectively and efficiently online) during the auction cycle means guide prices are updated throughout the process.
The use of drones and proptech enables the auction and valuation teams to visit a site remotely to assess each property offered, from its condition to its floorplans and size. While we continue to recommend that buyers conduct their due diligence and commission their survey of the property, AI can detect structural problems that may have a bearing on the property's value and, therefore, its guide. It's this information that improves advice pre-auction and the outcome on the day.
As my car pulls up outside the hotel, I know buyers in the auction room will be as exhilarated to be here as I am. The atmosphere of the room, combined with the familiar sound of the fall of the hammer after a hard-fought round of bidding, remains the lifeblood of auctions. Despite the huge success of online-only auctions, it is the human side of old property auctions that vendors and buyers still seek.
It sounds simple, but it's not. The auction platform at SwiftVee uses artificial intelligence (AI) to create a powerful online weapon that helps our farmers who are online bidding to cut costs and optimize trade.
“Because there was extremely poor connectivity in South Africa it was difficult to livestream auctions. We were the first guys to pioneer the way to do that. Our major differentiator since day one is our use of machine learning and AI which maps market pricing and the sales prices of animal breeds in certain areas to connect buyers and sellers at optimal times and locations.”
“People often ask me what a tech lawyer is doing in the Agri-space. The future of world commerce is going to be dictated by AI, food, and space. AI is going to take over most of the jobs in the world. But as populations rise You’re going to need to make food in a more intelligent way and you’re going to need efficiency about your space to farm more effectively”
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