CHICAGO—Earlier this year, Sperry Van Ness launched a Chicago-based franchise, called AuctionWorks, which hosts multi-property auctions online, and in November it will hold its largest auction to date, with more than 90 listings. Nearly half of the properties are bank-owned, including 17 that the firm will sell absolute. The Nov. 24-26 auction includes office, medical office, industrial, retail, mixed-use, single-family, multi-family, and vacant land. A June online auction by SVN AuctionWorks listed 27 properties. Buyers can bid online or submit pre-auction offers.

“I've found that live auctions were not very exciting because the best properties usually sold long before the auction,” Diana Peterson, the president of SVN AuctionWorks, told GlobeSt.com. The online method combines efficiency and convenience with the competitive bidding an auction inspires. Previously, Peterson was an executive vice president of Auctions by ATG, where she was responsible for building the firm's auction platform.

“The sheer volume of properties in this online auction speaks to the firm's success and demonstrates how many owners and brokers are now turning to SVN AuctionWorks to sell their properties in an efficient and timely manner,” she added. “Banks especially have found our online auctions to be an ideal venue for selling their REOs.”