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  1. Surveys
  2. 2008
  3. August
  4. R
  5. Real Estate Internet Auctions Questionnaire - COPI
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1. Primarily where do your auctions take place?
 
London
 
Other locations, please state
 
 
 
2. 
What information do you provide online regarding your auctions?
 
Historical auction results
 
Forthcoming auctioning property lists
 
Online catalogue
 
Legal documents
 
Auction live
 
Auction live via video link

 
 
3. 
In the event that a prospective purchaser is unable to attend the auction in person, which alternative do you offer for him/her to make a bid?
 
Proxy bid
 
Telephone bid
 
Internet bidding

 
 
4. 
Is there a future for internet bidding as an alternative to telephone and proxy bid?
 
Yes, internet bidding will become as common as Telephone/Proxy bid.
 
Yes, internet bidding will replace Telephone/Proxy bid.
 
No, I don't think there is a future for internet bidding.
 
Don't know.
 
 
5. 
What are the main stumbling blocks for internet bidding?
 
Less than transparent.
 
Inability to replicate the experience of actually being in the room.
 
A time delay between a bid being made in the room and a bid made by internet bidder.
 
Failure of the internet bidding system or the interruption or suspension of the service.
 
The costs involved are high.
 
The perceived lack of security.
 
Public perception.
 
The age profile of bidders are not comfortable with the Internet.
 
People are unaware of internet bidding.
 
Lack of legislation and regulations.
 
Other, please state
 

 
 
6. 
What are the advantages of internet bidding?
 
Easy to use.
 
Widening the appeal and scope by removing the geographical limitations.
 
Reach out to global markets.
 
Cost savings for potential buyers.
 
Save valuable time.
 
Other, please state
 

 
 
7. 
With the technology leap and the introduction of legislation and regulations, will the internet bidding become a threat to auction room?
 
Yes.
 
No.
 
Don't know.
 
 
8. 
Will the internet replace the traditional auction house?
 
Property auctions will go completely online shortly.
 
Property auctions will go completely online, but there is a long way to go.
 
Online auctions will maintain a niche in the industry.
 
Don't know.
 
 
9. 
Strongly Agree Agree Neutral Disagree Strongly Disagree
The RICS play an important role in guiding buyers and sellers through internet trading of property. They should provide as detailed guidance notes as possible.
 
 
10. 
If you don't offer internet bidding service, please answer question 11 & 12.
 
 
11. 
Will you adopt this approach in the future?
 
Yes.
 
Maybe, need to wait until the technology works and enough legislation is in place.
 
No.
 
 
 
Please indicate the reason why you don't use internet bidding service?
   
 
 
13. 
If you offer internet bidding service, please answer question 14 to 19.
 
 
 
14. When did you launch the internet bidding service?
   
 
 
 
How many lots have you sold to internet bidders since the launch of the service?
   
 
 
 
What's kind of property have you normally sold via internet in terms of type, size and value?
   
 
 
 
Please give the highest value of the lot you sold via internet bidding.
   
 
 
 
Internet bidding
   
Proxy bid
   
Telephone bid
   
 
 
19. 
Please rank the following internet bidders in the order of frequency (1 = most frequent).
International remote bidders
National remote bidders.
People unable to attend the auction for other reasons.
People prefer to use Internet.
Other people.
 
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