Manual Paper and single-use software
New Jersey’s capitol city - a GovPilot client since 2016 - has sought for years to revitalize neighborhoods and generate revenue by auctioning residential, commercial, and municipal properties. During the COVID-19 pandemic, GovPilot hosted a successful online auction resulting in $4.15 million in revenue generated in one day, on the sale of 49 properties.
Real estate auctions have long been a component of Trenton's economic development and revenue generation strategy. Amid an unprecedented public health and economic crisis, Trenton’s Department of Housing and Economic Development (HED), sought an effective way to generate meaningful municipal revenue and revitalize neighborhoods amid the COVID-19 pandemic which rendered traditional indoor, in-person auctions all but impossible.
GovPilot's Real Estate Auction Services worked with officials from Trenton to host a fully online real estate auction and market it to residents in order to drive registration and participation.
GovPilot deployed geotargeted, paid social media ads and a press release to drive awareness of the upcoming auction, and produced lawn signs for Trenton officials to place at each property. Registrants were required to place a $1,000 refundable deposit via an online payment system hosted on its platform. In total, the auction received 372 registrants (who each deposited $1,000), and 284 unique bidders participated - a 278% increase over the 75 participants in the previous auction hosted by Trenton in 2019 which was in a hotel ballroom, and therefor limited by room capacity.
The auction, held over the course of one day, listed 49 properties - a combination of vacant lots, residential, and commercial buildings. Each property listing on GovPilot's auction platform included external and internal images along with Google Streetview. The listings were also tied to a GovPilot GIS map which displayed an Automated Valuation Model (AVM) for each property so that prospective bidders could compare and contrast similar properties within a given radius of their choosing.
Despite a severe economic downturn brought on by an unprecedented public health emergency, the results of Trenton's real estate auction speak for themselves: