Artificial Intelligence is replacing conventional Real Estate auctions
Artificial Intelligence auctions gain momentum as the first English commercial property is sold by gAbi, the clicktopurchase® AI auctioneer
In October, the world of property auctioning witnessed a significant development, with the first property sale being concluded by an Artificial Intelligence auctioneer. The property in question was a house in Sweeney’s Terrace, Dublin, being sold by Allen & Jacobs. Offered at a guide of €250,000 (~£225,537), the property sold by way of a clicktopurchase® auction, monitored by gAbI at €345,000.
Now, the same unique auction platform has been used by London investment agency, Singer Vielle, to sell a commercial industrial property in Calne, Wiltshire.
With the guide price of £400,000, the property sold online at clicktopurchases’ Artificial Intelligence auction on 6 December at £475,000, nearly 20% above the guide.
Neil Singer, CEO clicktopurchase said: “Every agent is now able to offer such a sales conclusion, and every buyer can purchase from anywhere in the world easily and without the intimidation of the auction room.
There is no question in our mind this is the future for all real estate sales where it can be demonstrated that the property has a clear title and where finance can be pre-arranged.
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