How does Private Event™ work?

The listing broker is in control of managing the event on Biproxi.

How it works:

  • The listing broker will select the opening bid, bid increment and duration of the event.
  • The listing broker will invite selected bidders via email and all bidders will be prompted to agree to the terms and conditions of the event.
  • The contingencies are agreed upon and set forth prior to the event starting.
  • The listing broker can adjust the bid increments at any time during the event.
  • Any bid that is submitted with less than 2 minutes will trigger the Overtime feature. This will continue until there are no more bids submitted. This prevents auction sniping.
  • The chat functionality allows the listing broker and bidders to communicate right from the event page.
  • The listing broker has the ability to retract bidders’ invitations.
  • Bidders will receive real-time updates throughout the duration of the event i.e if you’ve been outbid or if bid increments have changed during the event, you will receive an email
  • All bidders will receive a final email once the sale has been finalized with instructions on the next steps

Ready to set up your Private Event? Follow these 6 steps.


Also read:

How does Private Event™ differ from other online CRE auction platforms?