An auction is basically a public sale wherein any object is sold to the highest bidder. It can be defined as a process of purchasing and selling things by offering them up for bid, taking bids and selling the things out to the highest bidder. This is what is generally the case. However, a sale to the lowest bidder may also take place, in cases where land is sold for non-payment of taxes to anyone willing to take it for the shortest term; or where a contract is offered to an individual or party willing to take it for the shortest term; or where a contract is offered to an individual or party willing to perform it at the lowest price. Such cases too seem to fairly come under the purview of the term ‘auction’.

The benefits of auction are many. Some of the significant advantages are:
- The auctioned item fetches the highest price in the given situation. Thus, in a way there is the maximization or optimization of profit.
- At an auction the goods are almost certainly disposed off after bidding by their sale to the highest bidder. Hence, this serves as the right podium for disposing or selling out of accumulated goods. Otherwise, business could have become stagnant due to the stocking of these goods. Certain items could also have perished (in case of perishable goods) or expired if not sold out in time.
- In case of auctioning a variety of articles may come up for sale, which may not be otherwise available in the market. The buyer can get quite surprised by looking at a treasure trove of antique articles available at an auction.
- An auction can also be considered as a method for estimating the value of certain commodities which have hitherto undetermined or variable prices.

Whilst, engaging a real estate agent may be an effective way of purchasing or selling a house, a certain amount of the purchase or sale will be credited to this agent’s account and it may be quite substantial. The draw back in relying solely on agent would be time consuming as you need to wait for the agent to source for your desired or preferred house based on your description and not to mentioned the time taken to arrange and go for viewing.

A new form of property marketing is probably house auction for people to buy a house at auctions, which has becoming extremely popular in the recent ways. Like any other auctioning mechanism, a product or asset put forth and the highest bidder wins. Auctions are straight forward and fast in both selling and buying. House auction are usually organized by property companies or online auction houses, which are able to assign a particular agent to process the deal. Contributing to house auction’s popularity is mainly and most importantly the wide variety of choices as it has already been pre-consolidated and it is very efficient. Government are also holding auctions. Government house auctions are comparatively on a larger scale than the ones organised by private entities. It is because all the seized, forfeited or redundant real estates were consolidated and centrally offer to bidders or real estate agencies. First of all, it brings a fair bidding of real estates to all people. Secondly, it is more efficient as properties are effectively disposed in an accelerated rate. Thirdly, the outreach of this process is broader and wider. Last but certainly not least, is providing excellence service to the citizens by bring best practices with creative and innovative approach.