More and more public sector entities are leveraging technology and innovations especially after the pandemic posed limitations on how we interact. Auctioning foreclosed property used to be done in the courtroom, with a couple of attendees raising their paddles to bid. Sheriffs Offices, however, noted the less-than-ideal turnout of these and its toll on the manpower who need to really dedicate time to conduct these auctions.
Jesse Loomis is back on the Justice Clearinghouse to present Bids4Assests’ solutions to facilitate Sheriff’s Sales. Jesse is the CEO of Bid4Assets, a real estate online auction site instrumental in helping law enforcement and tax collectors generate hundreds of millions of dollars in sales proceeds.
This webinar’s discussion includes:
- The beginnings of Bid4Assets and how they started providing online auction solutions to government entities and subsequently improved sales.
- The three primary considerations when shifting from live to online auctions that review the existing auction procedure, the data source to create the Bid4Assests landing page, and the terms that lay out the conditions of the sale.
- A live demonstration of the Bid4Assets landing page and auction page that presented how the platform allows to:
- Address the constituents and provides tutorials on how to get started with online auction bidding.
- Display the property list with various ways to filter and search.
- Provide customer service options, contact information, FAQs, and other useful resources.
- Settle deposits that are held by Bids4Assets in escrow.
- Set the minimum bid and reserve price.
- Facilitate the bidding window and process.
- Expound settlement instructions, terms of sale, post-sale instructions, and legal disclaimers.
- Remain fully customizable based on unique identifiers and fields.
- The tools provided to sheriffs and attorneys to streamline procedures and control specific parts of the online page.
- Answering some of the most common myths and questions about online auctions.
- How it improves sales, increases bidder pool through online and offline marketing, and even generates excess proceeds that are of great value to those who lost their property.
- How it improves efficiency allowing staff to focus on meaningful work instead of unnecessary yet time-consuming legwork.
- How it provides maximum accessibility instead of having to dedicate time to go to a physical auction venue and also offers offline options for those that don’t have access to the internet.
- How it helps counties, regardless of size, to maximize sales and workforce efficiencies.
- Statutes that dictate whether online auctions are permitted in your state.
- Other benefits and considerations in terms of…
- Preventing collusion, bid-rigging, and altercation due to tensions in live auctions.
- Protecting community members from the dangers of COVID-19 and inclement weather.
- Feedback from different stakeholders on how online auctions has been beneficial for them.
- The zero cost of Bids4Assets to the sheriff’s offices.
Points Jesse clarified during the Q&A were about:
- Software that Bids4Assets integrated with and how data is pushed to the Bids4Assets platform.
- How Bid4Assets online auctions can be used for other types of property and assets, not just real estate.
- Browser, operating system, and device compatibility of the Bid4Assets webpage.
- How Bid4Assets guarantees improved sales by bringing in more bidders.
- Managing questions from the bidders during the live auction.
- Inability to do hybrid live and online auctions.
- Handling posting requirements in the same manner as live sales.
- Bid4Assets dealing with the payments from the bidders.
- Issues when transitioning from live to online auctions.
Resources and Handouts
- Handout: Adams County Sheriff Sells over $1.1 million in First-Ever Online Sale
- Handout: Bid4Assets One Pager
- Handout: Case study of Montgomery County Online Sheriffs Sale
- “Good information. Thank you.” — Nikki
- “It is excellent that it’s working so good.” — Robert
- “New solution to Sheriff Sales that expands bidding opportunities and reduces health risks associated with COVID.” — Tom
- “I like how it shows the potential on the Sales.” — Whitney