Hit the High Street in 3D, online

A full-size, dedicated live-stream auction studio on a scale equivalent to those routinely used by major television networks for news or sports broadcasts has been launched by premier real estate and movables auctioneers High Street Auctions.

This purpose-designed auction studio integrates real-time bidding software options for clients, including a mobile app and Zoom, and is understood to be the first of its kind in the world.

Joff van Reenen, director and lead auctioneer of High Street Auctions, says in just a matter of months Covid-19 has shredded a global industry’s operating guide that saw its first incarnation drafted some 2 500 years ago.

“We are unquestionably more adaptable and better equipped now than was Greek historian Herodotus when he grappled with describing the auction process in 500BC, but the profoundly different socio-economic environment means the business world is in similarly uncharted territory.

“Likewise, auctions ... simply cannot ever be the same again.

“Fortunately auction technology has evolved rapidly in recent years, but until recently the industry’s digital development was split into two.

“There were few companies that straddled the divide, opting to go entirely digital with every aspect of its business, coupled with live auction days.”

Van Reenen says Covid-19 is now forcing all traditional and non-traditional buyers online and there’s no going back for the industry.”

High Street Auctions started its technology investment prior to the Covid-19 outbreak with the launch of its app, which permits interested parties to view lots, virtually tour real estate in 3D, place bids ahead of an auction or participate live on the day, bidding through the app.

“The 3D virtual tours are a first for Africa. When High Street took the decision to make such a substantial investment in technology ... there were numerous naysayers telling us nobody would make a large investment unless they’d physically seen and been inside a property.

“Our executive team did the analysis of how many of our previous buyers had distance purchased, and looked at their decision-making processes.

“We trusted our research. We knew if we provided comprehensive property information coupled with 360o virtual walkthroughs that potential investors could take 50 times if they wished, they would still bid and they would still buy.

“The live-streamed virtual auction we conducted in May with bidding via the app and Zoom proved us so right.”

The next virtual auction will be streamed live from noon on 9 July. – Citizen reporter