Sydney real estate agency Raine & Horne is about to auction an apartment live on Facebook and stream it on video app Periscope in an industry first.
Raine & Horne Surry Hills principal Jason Ballo says the landmark auction of the Sydney flat is a preview of the direction of real estate technology in Australia.
"Mark Zuckerberg announced Facebook's 10-year plan at F8 in San Francisco recently, which incorporates virtual reality (VR), augmented reality (AR) and the future of live stream,” says Ballo, who conceived the first ever live Facebook/Periscope auction campaign.
Raine & Horne director of auction services James Pratt adds Periscope as a real estate tool is taking off in the United States as it allows buyers and investors to view a property in real time, which can suit those who find it difficult to visit a property in person.
“This means that anyone with a Facebook account can log on and can watch the auction live, even if they can’t make it in person,” Pratt says.
Pratt says the real point of difference with Facebook live streaming is that viewers watching live online can also leave comments, as can those people who attend the auction in person.
“This creates a level of interaction that is totally new to Australian property auctions.
"It also makes the process more transparent as everyone can see exactly how many bidders are on hand and the bidding sequence, even if you’re in Hong Kong, Hobart or Haberfield at the time the bidding starts,” Pratt says.
“The live Facebook feeds are also a great educational tool for those considering bidding at auction for the first time, or those vendors who have never sold a property at auction previously.”
Pratt says the live social media feed ensures that auction day is more accessible and engaging for buyers, which will help vendors achieve a stronger result.
“Using social media in tandem with app technologies such as Periscope enables a property to attract a deeper and wider audience, and it doesn’t allow agents or auctioneers to take short cuts,” Pratt confirms.
“If you’re live and on show to a large social media audience, you’ll want to be on your game.”
Periscope is a live video streaming app that was developed by Kayvon Beykpour and Joe Bernstein in the United States.
The app was purchased by Twitter for a reported $100 million in March 2015. On March 26, 2015, Twitter officially relaunched the application on iOS.