Online property execution platform Clicktopurchase has announced the release of its artificial intelligence property auctioneer.
gAbI is thought to be the world’s first AI auctioneer. ‘She’ will control the digital auction room like a standard auctioneer, interacting with bidders and guiding them through the online process. Crucially, gAbI will learn over time to improve the efficiency of the bidding process for both bidder and seller. This will include determining the most effective time to reduce the bid increment, the best delay before trying to coax a new bid, and the most effective time to run an auction.
Other advantages of the AI are that is it will not make mistakes and the technology is beyond any manipulation due to the fact it is fully automated.
Agents selling through Clicktopurchase can now either opt to operate a real-time online auction themselves, or ask gAbi to operate on their behalf. There is no additional fee for using the AI.
Clicktopurchase also provides the ability to offer and exchange online by private treaty, so a buyer can still seek to purchase prior, or after an auction lot has failed, in exactly the same way as a traditional room.
In October 2017, Clicktopurchase said it became the first platform to record audit trails and property executions in a blockchain ledger. Acceptance of an offer creates digital contract notes with legally binding encrypted and hashed signatures. Auctions concluded with the assistance of gAbI will also be completed through the blockchain.
“We have never liked the online clock-ticking auction approach,” explains Neil Singer, CEO of Clicktopurchase. “ 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.”