Buying and Selling Property via online Auction is the way to go…
Buying and selling Property via online Auction is becoming far more commonplace in the Property Market of today.
“Ensure you have done your homework, researched the Property Market and view all available information on the Property before bidding”.
This is according to a CEO for a leading online Auction Company, who says that it’s a convenient, effective and transparent process.
For the uninitiated, he gives five useful tips for Sellers and Purchasers of both Residential and Commercial property:
Tips for Sellers
Listen to the market. Competitive online Auction Companies offers Seller analytics on their Property which will allow him/her to see exactly what the feedback is from interested Purchasers. As the perception is currently that there are limited Purchasers, given the particular PropertyMarket, ensure you take this into account when considering an Offer.
Ask yourself what you would pay for the property
It is important forSellers to try to distance themselves from the emotional aspect of selling their Properties. This is easier with Commercial Property, but in selling Residential Property it is probably even more important. Once you have achieved a sense of impartiality and tried to view your Home with objective eyes, ask yourself what you would pay for the property.
Once an Offer is presented, do not reject it outright. First consider the advice of your Property Practitioner (Agent) and look at the Offer carefully, considering all aspects. It is often the case that Sellers reject good Offers initially, only to sell the Property three to six months later for less.
It is also important not to be blinded by the Marketing prices of other Properties on the Market in your area, or even what your neighbour’s Property is being marketed at, as it is most probably not what they will sell for, rather consider the actual price at which Properties are sold for.
It’s a good idea to first view the bidding and sale of other Properties online.
Tips for buyers
Ensure you have done your homework, research the Market and ensure you have all available information on the Property before bidding.
Talk to and consider the advice of your Property Practitioner (Agent) who can advise you on any questions you may have.
When bidding, do not exceed what you can afford: before you start bidding ensure you have decided on your limit and then stick to it.
Don’t make the mistake of thinking that a Property will receive bids over what you are prepared to pay – numerous Purchasers lose out on a Property when assumptions are made that a Seller will not accept their Offer, or that other Purchasers will bid more than they are prepared to pay – resulting in missed opportunities.
Online Auction process
Our online platform makes it easy for Purchasers to access Property information from anywhere on any device. This means that great value Properties are visible at the click of a button.
The process is safe, as Purchasers contact the Property Practitioners (Agents) directly via their choice of mobile device in order to arrange to view the Property. FICA documentation is gathered before a viewing appointment is arranged and an Offer is presented for the Purchasers consideration, and information is sourced regarding availability of funds for the purchase (Cash or Mortgage Bond) thus eliminating any confusion regarding affordability.
For the Seller, a Reserve Price is declared for each Property in consultation with your professional Property Practitioner (Agent), which is the price at which bidding will commence. The actual Selling Price will be determined by the level of interest in the Property, and the number of Purchasers bidding against each other.