Bidogo (Bidogo.com) is a London-based international auctioneer that specialises on online auctions for residential and commercial property in the UK and in international markets. The fair and transparent auction platform opened for business in 2013 and has since auctioned more than 250 properties, with a pipeline of further 150, scheduled for the year ahead. Click here for Current Auction Properties
The business is solely focused on online bidding, through live auctions, “Buy Now” bids and sealed bids, therefore offering distinct ways to market properties, to be selected depending on the assets and their markets.
A Bidogo auction is very like bidding for a lot in an auction room. The bidding is concentrated over 2 days and starts with an opening price set by the auctioneer and then bids are placed in increments until the highest bid wins. The site refreshes its content in real time so that the latest bid is visible to all potential buyers. If a bid is placed right at the end of the auction, the auction term is extended for a further ten minutes. This avoids bidders ‘gaming’ the auction in the final seconds, as happens on some auction websites.
Buyers who want to secure the property before the auction starts, can choose to “buy now”, which secures the property at a fixed price and takes the property out of the auction.
Buyers can bid one increment at a time using the ‘Bid’ button, or they can activate the ‘Auto Bid’ function to automatically place bids up to a maximum bid of their choosing. The advantage of auto-bidding is that buyers can decide their top bidding price in advance and let the software place bids till their maximum bid price.
Real estate buyers must register for free with Bidogo before they can participate in the online auctions. Registration allows Bidogo to verify the identity of potential buyers to ensure fair dealing and prevent misconduct. Potential bidders can also book online a viewing of their selected property. The viewing is scheduled at a convenient time with the support of one of Bidogo’s local partner agents.
Bidogo has the advantage of speed and convenience for those seeking to sell their property. Sellers are in full control of the sale price, and can set a reserve so that there is a minimum purchase price. Because the auction is online, sellers can reach an international market of buyers, and the limited period of the auction helps to create competition between bidders. At the same time the site provides full transparency on those who have viewed, bid on and purchased property. This means that the sales are fair and open for everyone involved.
The next West Midlands auction is scheduled for the 24th and 25th of March, and there are some attractive listings that include investment properties with assured rental income, houses, flats and retail. Click here for auction property details. Next month’s auction will be for holiday properties in the Algarve (Portugal).
Bidogo benefits from the extensive property experience of Mauro Terrinoni, its founder, who counts JP Morgan, Citigroup and Fortress among his previous employers. Experienced in asset management and investment banking.
The London auctioneer is a growing enterprise with a social conscience. Bidogo is actively engaged in improving local communities by participating in projects that convert unused and sub-standard properties into social utility spaces. Using its own and third-party funds, the company aims to use its success to improve the infrastructure and opportunities.