HOBOKEN, N.J., Jan. 19, 2021 /PRNewswire/ -- GovPilot, a Hoboken, New Jersey based government management software provider today announced the launch of online real estate auction services, purpose-built for local governments. The company is offering the service at no cost to municipal and county governments nationwide as an effective tool for local governments to generate revenue and revitalize neighborhoods.
In December, GovPilot partnered with Trenton, New Jersey to host a fully online real estate auction which saw all 49 listed properties receive winning bids - generating $4.153 million in revenue for the city once sales are finalized. Trenton officials touted the initiative to auction city-owned residential, commercial, and municipal properties that had been under government management for years, as a way to revitalize the city, promote affordable housing options, and generate revenue for New Jersey's capital city.
"To be able to host a successful online, socially distanced real estate auction in the midst of the COVID-19 pandemic was tremendous. The opportunities created for our residents, and the revenue generated for our budget will support constituent services and the continued revitalization of the city," said Trenton Mayor Reed Gusciora. "And with the 5-year residency requirement for many of these properties, we know they will be cared for by Trentonians who are proud to finally own a stake in their hometown."
Michael Bonner, the founder and CEO of GovPilot added, "Across the country, municipalities and their leadership are looking for creative, effective ways to generate revenue, revitalize neighborhoods, and support their residents. Many have real estate properties under management that can become revenue drivers and serve to fulfill economic development goals. GovPilot has built a platform to meet those needs."
Through its Real Estate Auction Services GovPilot will provide end-to-end capabilities to local governments including a fully online, secure registration and auction experience for participants. Within the auction portal, images of individual properties are displayed and GovPilot's Automated Valuation Model, which is anchored to a GIS map, is designed to help bidders understand the value of the property they are interested in compared with similar properties nearby.
Additionally, GovPilot will provide free digital marketing services to help local governments drive participation in real estate auctions among residents. For Trenton's auction, a total of 372 participants pre-registered by placing a $1,000 reimbursable deposit through an online payment form. In advance of the auction, the city hosted two video conference information sessions, and the auction platform enabled practice bidding so that participants could become familiar with its use.
Speaking of Trenton's experience, Housing and Economic Director, Ben Delisle said, "This auction was tailor-made to benefit Trenton residents – including first-time homeowners – over outside investors. Even with a Trenton residency requirement for many of these properties, we received 1,554 bids from 284 different participants."
Michael Bonner added, "GovPilot's mission is to empower local governments to better serve their constituents and operate efficiently. These online real estate auction services are replicable across the country and represent a win for local governments and residents alike. We invite municipal officials nationwide to consider GovPilot hosted government real estate auctions as part of their economic development strategy."
GovPilot - named a GovTech 100 company for four consecutive years - is the leader in digital transformation for local governments. GovPilot's cloud-based platform was built with the sole purpose of enabling local governments to operate at their full potential by standardizing, digitizing, and unifying more than 100 operational and constituent service processes on one system.