Abstract: A live virtual online reverse auction system, hereafter referred to as auction, and method that conducts live, virtual reverse auctions between property owners and contractors and/or service professionals, hereafter defined as service professionals, is disclosed herein. The reverse auction system will allow property owners to create service opportunities for the properties they own via uploading images and/or video and details of the service opportunity into the auction engine. The auction engine will request additional information from the property owner to determine the optimal auction settings. Service professionals will enroll in the auction system and provide the auction system with information needed to verify the service professional's status and eligibility to participate in the virtual auction. A notice of the opportunity will be transmitted to the service professionals identified in the system as being eligible for the described service opportunity and the auction will begin.