Real estate auction platform, Gavl has launched new features on its app including bidder registration, identity (ID) verification, contract signing and deposit payment giving real estate agents the ability to enable their buyers and vendors to complete an entire auction transaction digitally and remotely. From watching and bidding on the auction, to completing the transaction elements of a property purchase, Gavl is the first app of its kind in Australia and NZ to be the one-stop digital solution for auction real estate sales.
Gavl (gavl.com) is the world’s leading real estate platform for auction livestreaming and bidding technology. Since its launch in November 2016, it has streamed more than 10,000 auctions and achieved 4.5 million views from 52 countries, allowing buyers from all over the world to bid and buy at auction. Now, Gavl has extended its offerings to be a transaction app dedicated to the real estate industry.
In Australia – Queensland and New South Wales specifically – it is a regulatory requirement for real estate agents to register bidders prior to an auction. Gavl has digitised this entire process, allowing agents to use the Gavl app to register bidders both remotely and onsite at auctions. This new feature can support on-site and remote buyers and vendors through every step of the purchasing process. Further to this, Gavl can also ID verify these registrations.
The ID verification functionality was developed to assist agents in meeting new foreign ownership laws in New Zealand. The feature provides a digital solution to verifying the identity and country of citizenship of potential buyers. As a part of the registration process, a two-factor authentication is required to verify a bidder’s email address and contact number: users must provide a copy of their ID – passport or driver’s license – and a photo of themselves. Once the necessary ID is provided and verified, agents then provide the final approval on the potential buyer’s Gavl application to bid.
Gavl uses a trusted and convenient third-party software integration that verifies more than one million identities globally every month, to deliver a compliant method for customer onboarding and verifying identities. This is by integrating comprehensive global data sources, fraud detection and biometric verification.
Agents and real estate agencies will also benefit from the digital contract signing feature. For the signing of contracts, Gavl utilises Docusign to assist agencies in distributing the required legal sale documents for digital signature. Relevant parties, remote buyers and vendors can benefit from the flexibility in completing documentation remotely.
Following a contract being signed and the sale being finalised, agents will no longer need to rely on a cheque or a bank transfer to be made, which are at risk of deposit fraud scams, as Gavl allows them to collect a deposit from a buyer directly into their trust account through another third-party integration – used by the likes of Jetstar and Sportsbet. Both parties are provided an immediate receipt of the deposit transfer.
Co-founder of Gavl, Joel Smith, says: “The additional tools that Gavl provides on the app will ensure buyers and agents experience a smooth and convenient process. Having every step of the sales transaction done digitally from beginning to end, makes it accessible for potential buyers in any location. By including these new features, Gavl has become the one-stop shop to complete auction transactions.
“The ID verification is a great functionality that aids to minimise fraud through the use of data. With the foreign ownership laws in New Zealand, this feature enables us to efficiently ID verify potential buyers. Apart from simplifying the process, the new digitised features were developed to cater to all buyers, including those that are based remotely. We understand how much is done through smartphone apps these days, so we aim to make the entire auction transaction process highly accessible.”