Gee wiz, it’s a new sales tool

AFTER causing a stir in the 1990s with his ANREPS business, real estate veteran Tony Wiles is aiming to shake up the industry again with a new venture, online auction site geewhizauctions.com.

The website was launched late last year after more than three years' development.

Two homes, in Canning Vale and Girawheen, have sold in recent weeks, with a third sale negotiated shortly after the close of the auction.

Unlike a physical auction, which is held on one day, online auctions on the website run for five weeks, with registered participants able to place a bid.

Over that time, listing agents can still conduct traditional 'offline' marketing initiatives, such as home opens, with agents contacted via email when bids are placed.

Mr Wiles said the business model brought a new level of transparency to real estate sales and made auctions more accessible to buyers and sellers, making sure every bid was definitely seen by the seller.

Before placing a bid, buyers can view extensive property information online, including terms of sale, current title search, contract of sale, general auction conditions and other owner's disclosure documents.

Depending on the number of optional documents the seller is prepared to display, properties receive an integrity, or star, rating.

This rating allows viewers to rate the merits of each property and helps highlight good quality listings.

Mr Wiles said the site was different to other real estate websites, which predominantly focused on property listings.

"The whole thing is designed to sell property, not just list property," he said.

"The site draws everything together and we have to be absolutely transparent in what we do."

"We've made everything very simple and very transparent. [Buyers] know everything there is to know about that property."

Only accredited sellers such as real estate agents, builders and developers, financial institutions and government agencies can list properties for auction.

Mr Wiles launched ANREPS in 1989, a business that provided marketing and information packages to private sellers.