Online property auctions go live in SA

26 Jul 2011

GoIndustry DoveBid SA, a subsidiary of GoIndustry, a listed company on the London Stock Exchange, will launch the group's first worldwide venture into online property auctions. Globally known as Go-Dove, it has been involved in international online auctions since 2000 and is one of the world's largest specialist plant and machinery valuation and disposal companies.

"The time has now come to use this highly successful transactional platform to enable the property investment community to cross over into the online auction arena," Says John Cowing, MD of GoIndustry DoveBid SA.

The first online auction of the new dedicated property division will take place in August, under the eye of its newly appointed CEO, Kim Faclier.

While a number of auction houses do offer a type of online facility, the process has been hindered by the need to use 'third party' service providers. Explains Cowing, "When you register for the auction, you are for the most part taken to a site outside of the auction house. Not only are transaction capabilities quite limited and you may only be able to submit a bid prior to the auction, but your security may also be compromised. This platform changes this scenario completely. Not only is our site fully interactive, while the auction is happening, it is also 100% secure as it is hosted entirely in-house, from the registration process to the live auction and the final signing of the sales contract."

Another advantage of the new division is that, while buyers will still be responsible for a 10% deposit on the fall of the hammer, the auctioneer's commission will only be payable when the property transfers and not on the day of the auction.

"This gives both the buyer and the seller the peace of mind that we will be with them through the entire life of the transaction and not just until the fall of the hammer."

In addition, the company has also reduced the standard 10% auctioneer's commission charged as the norm, to 8%.

"Just as online changed the face of banking across the globe, so too will it change property auctions," adds Faclier. "With this online platform, you can host a multiple property auction event that includes properties from anywhere across the country or even the continent. In addition, an auction that offers multiple properties from multiple areas means one single, nationwide advertising campaign, with costs shared by the various vendors.

"It also means that potential buyers can now include people from anywhere in the world, they can transact from the comfort of their own environment, in a private setting and not have to worry about getting to a particular venue on a particular day."

The first online South African property auction will close on Thursday 25 August 2011. Properties that form part of this sale can be viewed online from a month before. Go to www.Go-Dove.com for more information.