Four methods to sell your item
Given the variety of items for sale, Ezy Bid provides four selling methods. For each item, there is one method that is the most suitable.
- Ezy Bid English Auction
This is a two-phase English auction. At the scheduled date and time, the auction opens the bidding at a start price which is the lowest price bidders can bid. Bidders have a certain amount of time to submit their oral bids or online bids. Then the minimum bid is increased continuously until no one is willing to increase the bid any further, at which point the auction is closed and the final bidder receives the item at his bid price subject to the reserve price. The item is advertised for a number of weeks before the auction is due.
During the first phase of Ezy Bid English Auction, bidders are given a time interval to submit their bids for each round of bidding. They are not able to see other bids until the end of the interval. The minimum bid continues to rise for each round. Bidders need to keep bidding until they drop out. The drop-out decision is irrevocable. The first phase continues until there are only three or less active bidders left. During the second phase, bidders are given more freedom to bid at any time before the hammer falls. Each bidder can see others bids in real-time.
If the auction passes in, the highest bidder will receive the first right to negotiate with the seller directly.
- Expressions of interest (EOI)
Buyers are invited to submit their offers by a specified time and date. Offers are not shared among buyers. The seller will review the offers, then the item will be sold to the best buyer, or buyers will be invited to submit their improved offers, or the seller will choose a specific buyer to negotiate with.
Like the auction method, the item will be advertised for a number of weeks for buyers to view.
- Absolute auction
Also known as zero-dollar auction, it is similar to Ezy Bid English Auction except that the start bidding price is zero and the seller is committed to sell at any price.
Absolute auctions are often adopted where there is an immediate demand to sell an item.
- Agent-conducted auction
Ezy Bid provides agents with a powerful auction assistance tool – Auction Aid, which brings onsite/in-room auctions online in real-time. Buyers are able to attend the onsite auction online if they are not able to attend in person.
All these four methods are supported by our process automation tools, such as digital signing. Except the Agent-conducted auction, the other three selling methods are all driven by advanced computing and artificial intelligence.