Property auction market welcomes artificial intelligence

Online property execution platform clicktopurchase.com has announced the release of “gAbI”, the world’s first artificial intelligence operating property auctions.

The introduction of gAbI will join the company’s other channels – clicktopurchase online private treaty, clicktopurchase best offers and clicktopurchase real time auctions – that allows agents and sellers to close a sale.

“We have never liked the online clock-ticking auction approach,” said Neil Singer, chief executive officer 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.”

In 2017, clicktopurchase became the first platform recording audit trails and property executions in a blockchain ledger, providing extra transparency, comfort and security for those involved.

Its newest investment, gAbI, will control the auction room and will learn to improve the efficiency of the bidding process for both sellers and bidders. gAbI is also set to not make any mistakes, which the company believes will add a further level of confidence for buyers as well as a safe and secure bidding process.

Agents can now opt to operate a real-time online clicktopurchase auction themselves or ask gAbI to operate on their behalf.

While clicktopurchase provides the 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 the same way as in a traditional room.

Singer added: “If artificial intelligence is said to remove the need for lorry drivers, gAbI will surly remove the need for all the expense, delays and issues surrounding a traditional ballroom auction.”