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Pros Claim Online Platform Offers Convenience

Two more real estate execs are exploring the potential of web-based auction technology.

By Noreen Seebacher | Updated on April 24, 2009

Two New York City real estate executives have started a web-based company to auction residential and commercial properties. But Albert Feinstein and Vlad Sapozhnikov, former officers of a boutique real estate firm, prefer to think of the newly launched $3-million auction site as the city’s “first online real estate trading platform.”

“It’s not about the auction process,” says Feinstein. “It’s about the way we market properties and the advantages it offers the sellers.” The new site, Bid on the City, launched this week. Offering real-time bidding online or in-person, it’s powered by a three-pronged technology platform, which includes a listing engine, a bidding engine and video broadcasting.

Feinstein–an attorney and former principal broker at the New York Business Group LLC–predicts the site “is going to be huge.” While that remains to be determined, what is already clear is that the site reflects a trend: no matter how you describe them, online real estate auctions are gaining traction.

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