Australia's Online Property Auction Site

• Main Authors: PAN, Gary Shan Chi, PAN, Shan Ling, TAHER, Mahdieh
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2008
• Subjects: Industrial property; Real estate; online auction; customer centric; information system application; Accounting; E-Commerce; Real Estate
• Online Access: https://ink.library.smu.edu.sg/soa_research/244; http://aitcs.nus.edu.sg/2011/01/australias-online-property-auction-site-2/
• Institution: Singapore Management University

Property Co was founded in Australia in July 1991 to manage industrial estates for tenancy and maintenance matters. The company managed approximately 4,000 industrial tenanted properties. Property Co’s online auction site was an example of a successfully designed customer-centric IS application because the entire design process focused on the aim of developing customer-centric capability. The transformation from a traditional bidding system to the new online auction system resulted in time savings, enhanced service quality and generated major financial benefits such as reduced loss of revenue due to vacant premises. The rapid turnover of vacant units translates into early realization of rental revenue, conservatively estimated at AUD$14 million per annum. In addition, the project achieved positive Return on Investment (ROI) within 13 months of its set-up.