Interested in GovPilot's auction services?
New Jersey’s capitol city - a GovPilot client since 2016 - has sought for years to revitalize neighborhoods and generate revenue by auctioning residential, commercial, and municipal properties. During the COVID-19 pandemic, GovPilot hosted a successful online auction resulting in $4.15 million in revenue generated in one day, on the sale of 49 properties.
GovPilot's Real Estate Auction Services worked with officials from Trenton to host a fully online real estate auction and market it to residents in order to drive registration and participation.
GovPilot deployed geotargeted, paid social media ads and a press release to drive awareness of the upcoming auction, and produced lawn signs for Trenton officials to place at each property. Registrants were required to place a $1,000 refundable deposit via an online payment system hosted on its platform. In total, the auction received 372 registrants (who each deposited $1,000), and 284 unique bidders participated - a 278% increase over the 75 participants in the previous auction hosted by Trenton in 2019 which was in a hotel ballroom, and therefor limited by room capacity.
The auction, held over the course of one day, listed 49 properties - a combination of vacant lots, residential, and commercial buildings. Each property listing on GovPilot's auction platform included external and internal images along with Google Streetview. The listings were also tied to a GovPilot GIS map which displayed an Automated Valuation Model (AVM) for each property so that prospective bidders could compare and contrast similar properties within a given radius of their choosing.
Despite a severe economic downturn brought on by an unprecedented public health emergency, the results of Trenton's real estate auction speak for themselves:
Interested in GovPilot's auction services?
