In the diversity of auction types you may find one that is called a reveal auction or auction with hidden price. Here bidding starts at the market value of the product on sale. This real price is to be lowered every time when a bidder is checking it. In such a way he/she makes his/her bid. The actual price is usually hidden from other bidders. It is necessary to check the price as it drops and there is a special time frame, which helps to see how much time a bidder has to make a decision.
You may also find such definition as the Dutch auction. It is a type of a traditional auction, used for centuries in Holland. During this auction, a seller offers something, a product, an item for bid at a very high price. The first price is much higher than the usual item’s value and any seller realizes that it will never be sold at such a price. So the price is being lowered step by step until it becomes acceptable and satisfies a bidder. He pays the price and becomes the winner. There’s always some risk to be late and not to catch the good price, sometimes it even makes a bidder very anxious especially when there are not many items available.
Most real estate auctions use the Dutch auction as it is the descending-price type of auctions and increases competition. Real estate agent has the bottom price and drops he first price slowly. It may take more than a week to sell real estate.
Online auction software is one of the best and the most popular solutions for businesses if you want to operate an online auction and if you are ready for investing in serious marketing development.
The system of online auction usually consists of several components. This system is built around the main module, which has various auction types in its structure.
Nowadays there are many systems, lots of reveal auction software. As a rule, there exist two accounts in the system — money and bids. The categories of real estate can be installed in the panel: land, commercial RE, manufactured homes, residential RE. There are also the selection of payment systems and financial control. A system may even support millions of users worldwide.