Online Bidding Platform for Property Market
A comprehensive online bidding platform that brings together real estate agents and buyers, enabling them to participate in property auctions remotely and significantly expanding the market's reach.
Client
An Australia-based startup that offers a digital platform for real-estate trading.
Problem Statement
The traditional, in-person property auction model focused solely on the buyers in the local market. The client's challenge was to break this geographical barrier and implement a secure, digital solution capable of handling complex transactions, like real-time bidding and contract execution, on a global scale.
Industry
Real Estate
Solution
Quick Summary
QBurst partnered with the Australian startup to build a robust web and mobile platform for online property auctions, transforming the traditional bidding process and delivering a new digital experience.
- Enhanced Participation: The platform enabled remote bidding, saving buyer’s travel time and costs with a 28% increase in auction day turnout.
- Real-Time Experience: A real-time bidding portal with ultra-low latency video and audio streaming ensured a seamless and engaging auction experience.
- Full-Cycle Digital Solution: The solution streamlined the entire process, from property listing and bidding to contract signing and payment, all within a single platform.
Client
Our client is a startup business venture that caters to the real estate market in Australia. They offer a digital real estate marketing platform for the competitive world of real-estate trading.
Limitations of the Traditional Auction Model
- Geographical Constraints: Physical auctions restricted the pool of potential bidders to those who could attend in person, limiting buyer reach.
- High Costs and Inconvenience: Buyers had to travel to multiple locations to view properties and attend auctions, incurring significant time and travel costs.
- Inefficient Process: The end-to-end auction process, from bidding to contract signing, was manual and time-consuming, creating friction for all parties involved.
- Lack of Transparency: Bidding information and history were not easily accessible to a wider audience.
QBurst Solution
QBurst developed a comprehensive, multi-module digital platform to address the client's needs. The Angular-based solution includes web and mobile applications for various user roles, all designed to facilitate a smooth, real-time online auction experience.
The key modules of the platform:
- Master Admin and Agency Web Apps: These provide a centralized hub for managing properties, agents, and auctions. Admins can manage users, view reports, and handle invoices, while agencies can upload property profiles and access auction analytics.
- Customer Mobile and Web Apps: These applications allow buyers to view properties, register as bidders, place real-time bids, and receive instant updates via a live "bid ladder."
- Auction Input Platform (AIP): A dedicated tool for auctioneers to record bids, accept or reject online bids, and initiate the post-auction contract signing process.
- Auction Streaming Platform: This module ensures an ultra-low latency video and audio stream from the physical auction floor, providing a live and immersive experience for online participants.
Technical Highlights
- Real-Time Data Sync: Used PubNub integration to ensure real-time reflection of bids across all user platforms.
- Ultra-Low Latency Streaming: Leveraged TokBox for a high-quality video and audio stream, making the remote experience feel like being on the auction floor.
- Integrated Workflows: Seamlessly integrated with DocuSign for a secure and efficient post-auction contract signing process.
- Robust Tech Stack: The solution was built using Angular 4, Material Design Lite, and native mobile technologies (Android Studio, Xcode), with a backend powered by PostgreSQL, Redis, and RabbitMQ to handle high traffic and transactions.
Impact: A Comprehensive, Multi-module Digital Platform
- Increased Market Reach: The solution enabled a global buyer reach, resulting in a 28% increase in auction day turnout and more competitive bidding.
- Enhanced Agent Performance: Agents experienced a 25% increase in listings, benefiting from the platform that advertised their skills and delivered better sales results.
- Reduced Time-On-Market: The platform's efficiency and wider reach helped reduce the average time properties spent on the market.
- Improved Customer Satisfaction: Buyers gained instant access to properties that met their specific criteria, price, and location needs, leading to a more satisfying experience.
Client
Limitations
QBurst Solution
Technical Highlights
Impact
