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WHY AUCTIONS ARE A GREAT WAY TO SELL PROPERTY

Auctions are one of the fastest growing sectors of the property market. They have quickly become a viable option for selling property in South Africa – and its not difficult to see why – there really are so many advantages for sellers. If you’re in the market to sell, here’s why you should consider taking the property auction route :

Auctions offer speedy outcomes : Auctions offer an extremely speedy means to sell as asset. In fact, from the instruction to sell to the registration of an auctioned property or asset, the entire process can happen in as short a period of time as 4-5 weeks, making auctions one of the best places to sell property fast.

With an auction there is no maximum price on the property : There is no ceiling on the maximum price that a property or asset can fetch on auction. This means that competitive bidding will ensure that the highest value is achieved when on auction. The competitive nature of auctions is such that the price fetched can often exceed the expectations of the seller.

Auctions are transparent : Each transaction takes place transparently and in the open, with all terms and conditions available for public scrutiny. The reserve mechanism means there will always be a minimum price, which will protect you as the seller and ensure that your requirements are met. You also have a 7-14 day period after the sale to withdraw should you believe the figure offered was not as high as your asking rate.

Auctions are the real deal : Only pre-qualified, focused and serious buyers participate. There are no protracted negotiations, no suspensive clauses or any other potential deal breakers. An auction offers a high degree of certainty that a deal will be achieved on a given day, negating the usual uncertainty when selling properties in a tough market.

Auctions attract market interest : An auction takes place on a fixed date. Buyers know that a willing seller has brought an asset to market – and when the hammer falls, the deal will be done. This ensures that the asset is highly contested as a result of the maximum number of potential bidders who turn up at a property auction.

15 Feb 2011 / Auction News