Live streaming has had a huge impact on countless sectors throughout the 2020s, and its influence in the property market is growing significantly. One of its primary uses in this sector now is in auctions, with most property auctions now taking place over live streams.
There are various advantages to this new format, such as bringing property sales to a much wider audience of potential buyers online. It seems that this idea is here to stay, and will only become more popular in the future.
Influence of Live Streaming Has Grown Rapidly
Live streaming was once a novel idea of the entertainment industry, designed to make viewers feel a part of live games that were occurring elsewhere. It was particularly useful in the online casino industry, where the aim of operators has always been to bring the real world experience to players at home.
People who play live casino with Betfair know just how far the technology has come over the last decade. In the early days, it was all about allowing players at home to experience classic tables run by live dealers. Now, due to the popularity of the category, there are now numerous options to choose from, with new ways to play iconic games and innovative game show titles.
Live streaming used the entertainment industry as a platform, but boomed to greater worldwide success when it was introduced by Facebook in 2016. Since then, it has permeated almost every online industry, offering new ways of connection that we didn’t have before. It’s particularly useful for people who can’t attend events in person, which is why it has now become a popular way to host property auctions.
Most Auction Events Are Now Held Online
According to the latest figures from The Negotiator, there were 33,448 digital auctions in the UK in 2024. In comparison, there were only 3,976 in-person events, highlighting how there has been a monumental shift towards the live streaming alternative. Auctioneers who were once adept at commanding bustling halls of buyers are now learning to engage with online audiences in the same way.
The best thing about this new format is that it has made property auctions more inclusive and accessible. In the past, there were geographical constraints. Now, anyone from anywhere around the world can log on and place a bid. This has attracted a new generation of investors who prefer to do all their business dealings online.
Despite the clear advantages of live streamed auctions, there are a few potential problems that need to be ironed out. For example, the fast-paced bidding process has continued online, and it means that anyone with a slightly slower internet connection could miss out. Buyers with better tech skills and the ability to make quick transactions could be at a major advantage.
It was only a matter of time before live streaming transformed the property auction process. This new model could be superior to the old way of doing things, but it still needs a few upgrades to make it fair for everyone.
