Property group RealNet and auction house Van’s Auctioneers are collaborating on a new online auction service. This partnership leverages their expertise and resources, providing consumers with an additional avenue for selling and buying homes.
“Selling by auction is well entrenched in the South African real estate market. To offer our clients the best experience in selling or buying a home this way, we needed to partner with a leading auction house with expertise and a strong reputation,” says RealNet group CEO Gerhard Kotzé.
“Van’s has exactly the legacy, recognition, values, and commitment to exceptional client service we were looking for. We entered into a formal cooperation agreement with them and have now launched our joint online auction service at https://realnet.vansauctioneers.co.za
How it works
He says the process for home sellers begins when a RealNet property practitioner identifies a property suitable for online auction. The sellers then enter into a 90-day exclusive joint mandate with RealNet and Van’s Auctioneers and pay an individually-determined marketing fee.
“The property is then prepared for online auction, with specialised advertising being placed by Van’s Auctioneers. Interested buyers are directed to the RealNet/Van’s Auctioneers online platform, where they can register and participate in the auction.”
Benefits for sellers
Choosing to sell your property through an online auction offers several compelling advantages for sellers, says Kotzé. These include:
- Wider exposure. Online auctions reach a larger pool of potential buyers, increasing the likelihood of finding the right purchaser. The competitive nature of online auctions can also lead to higher sale prices.
- A bigger share of the sales proceeds. Property sellers in online auctions do not pay agent or auctioneer commissions. The buyer pays these fees directly to the auction house, resulting in significant savings for sellers.
- The property is sold “voetstoots”. Properties sold in online auctions are typically accepted “voetstoots,” meaning buyers accept the property in its current condition. This minimises post-sale disputes and streamlines transactions.
- Speedy transactions. Online auctions follow a fixed timeline, encouraging swift decision-making and faster sale processes. Transactions typically conclude quicker than traditional property sales.
- Transparency. Online auctions provide a transparent platform for both buyers and sellers. Prospective buyers can monitor all placed bids, while sellers receive real-time updates on the auction’s progress.
- Convenience. Online auctions offer convenience by enabling participation from anywhere at any time. Buyers can bid from the comfort of their homes or offices, enhancing interest and expediting.
These advantages make online auctions an attractive option for sellers looking to efficiently sell their properties while minimising costs and hassles.
