Artificial Intelligence comes to the Property Auction Market with the release of “gAbi” by clicktopurchase®

The online property execution platform, clicktopurchase®, has announced the release of “gAbi”, the world’s first Artificial Intelligence operating property auctions.

Until now, clicktopurchase® has offered three channels for an agent or vendor to close a sale: clicktopurchase® online private treaty; clicktopurchase® “best offers”; and clicktopurchase® real time auctions. “gAbI” will provide a new fourth channel.

“We have never liked the online clock-ticking auction approach. We felt this was seeking to re-invent the way property was auctioned. As a result, our auctions have been agent-operated with a live auctioneer interacting with the bidding audience in the same manner as a traditional ballroom but with all the benefits of being online. Now we have added “gAbI” with the advantages an Artificial Intelligence auctioneer can provide.” Neil Singer, CEO of clicktopurchase®.

The online platform is proven to bring for all parties in the sales process the attractions of speed, certainty, accountability and transparency. Using advanced technology, clicktopurchase® enables legally binding offers to be submitted, where acceptance creates digital contract notes with legally binding encrypted and hashed signatures.

In October 2017, clicktopurchase® became the first platform recording audit trails and property executions in a Blockchain ledger, delivering additional security, transparency and comfort for all involved.

So on top of Blockchain, now the property market can enjoy the traditional property bidding experience but online where “gAbI” will control the auction room, cannot make errors, and will learn over time to improve the efficiency of the bidding process for both bidder and seller. If a sale is now concluded by “gAbI”, there can be no suggestion at all that bidding has been manipulated since it is electronic. This adds yet a further level of confidence for buyers as well as a safe, secure and transparent bidding process.

The business case of such an approach is clear. In addition, since clicktopurchase® also provides the unique ability to offer and exchange online by private treaty, a buyer can still seek to purchase prior, or after an auction lot has failed, in exactly the same way as a traditional room. Whichever method concludes the transaction, it will be recorded in the Blockchain.

Every agent can now either opt to operate a real-time online clicktopurchase® auction themselves, or ask “gAbi” to operate on their behalf. It will enable agents to focus their skills to advise their clients and market property, with the flexibility to conclude by an automated bidding process, familiar to all, if they feel appropriate.

For solicitors, the workflow is streamlined. Artificial Intelligence is already being adopted by solicitors more so than by agents, so having the flexibility to call on “gAbi” will provide solicitors with another option where they can operate a bidding conclusion directly.

“If Artificial Intelligence is said to remove the need for lorry drivers, “gAbI” will surely remove the need for all the expense, delays and issues surrounding a traditional ballroom auction.” Neil Singer, CEO of Clicktopurchase®