ONLINE AUCTIONS BROCHURE SP

AGUIDE TOBIDDING The Brown&CoOnline Auction system is powered by the market leading EI Group Auction platform. Bidding for properties onlineworks in a similar fashion to ‘eBay’. You can place bids using your desktop PC, laptop, tablet or smartphone and theminimumamount you bid is defined by the ‘bid increment’ level. When you place a bid, the property listing pagewill show you if your bidwas successful andwhether you are the highest bidder. When you are the highest bidder on a property, if another bidder out bids you the systemwill notify you by email so that you can place another bid if youwish. Themajor difference from ‘eBay’ is that our online auction timed auction platforms eradicates sudden death ‘bid snipping’ using auction ‘extension times’. AUCTION ‘EXTENSION TIME’ Unlike ‘eBay’, the online bidding systemremoves the possibility of ‘bid sniping’, whereby bidderswould often place a bid in the dying seconds of an auction in the knowledge that other bidderswould not have time to counter-bid. In our system, when an auction reaches its conclusion the systemwill automatically extend the auction’s end time by a pre-determined duration (typically around 60 seconds). If any further bids are placed during this ‘extension time’, the systemwill continue to extend the auction, thus giving every bidder the opportunity to place a bid. The auctionwill duly finishwhen no additional bids are placedwithin an extension time. The length of time that an auctionwill extend by is set by the auctioneer and can vary for each property. BID INCREMENT LEVELS Bid increments are defined by our auctioneer and can vary depending on the value of the current bid (usually the bid increment will increase as the current bid increases, at pre-determined levels).

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