Private Property launches online property auctions

Those who wish to auction their property, but are nervous of the end result, can opt for a Reserve Price that sets the lowest bid that will be accepted to close the sale on auction. The property is then promoted by Private Property for a period of two weeks before bidding opens. Once open, bidding continues for eight days with the property going to the highest bidder, (provided that the reserve price is met, of course).

Sellers can watch the progress online themselves, and they'll automatically receive regular updates until the bidding closes. Private Property also assists in coordinating a meeting between buyer, seller and conveyancing attorney to seal the deal, and they include a money-back guarantee, subject to terms, should the sale fall through.

“It made sense to partner with bidorbuy.co.za on this project,” says Justinus Adriaanse, CEO of Private Property. “We got the two busiest websites in their respective categories working together to offer property buyers and sellers an exciting and secure online forum to transact.”

People interested in buying property on auction need to register with Private Property and on bidorbuy.co.za to receive updates on auction properties and take part in the bidding process. Once they've narrowed down the properties they're interested in, they can view the full listing online, including a video or virtual tour of the property. It costs nothing to participate in the bidding process unless you hold the winning bid, in which case a non-refundable deposit of R5000 will be charged to the successful bidder once the auction closes.

“In this stressful economic climate, many property owners are finding it difficult to sell their properties. The online auction facility provides a lot more exposure than the property would receive otherwise, attracting more serious buyers to the playing field,” states Adriaanse.

“In fact, a property has to have either a video tour or a virtual tour of their property added to the listing before we'll consider it for auction, as we're striving to ensure that our property bidders have access to the best quality information possible before they start bidding. We also get the property owners to have their properties On Show before the auction begins, giving potential buyers an opportunity to visit the property before they decide to bid on it.”

The first online auction was held earlier this month on an apartment in Helderkruin, Gauteng. After trying unsuccessfully to sell his property for five months prior to the auction, Ryan van Heerden opted to auction it with a R1 No Reserve, and was delighted with the positive response. “It was a great experience,” said Ryan. “It was scary without a reserve price, but I'm ecstatic with the result. I'd do it again in a heartbeat.”

Private Property launched a new pricing structure last month, allowing sellers to “pay for what they get.” You can now opt to add extra features, such as a virtual tour, video tour and auction, to help your property stand out from the crowd. Private Property will send out a trained specialist to take the video and photos for the virtual tour as part of the package. People interested in buying or selling property on auction can visit www.privateproperty.co.za or call 083 913 1000 for more information.