South Africa’s top real estate auction specialist has just been named the first ever international Director of the world’s largest association representing the global interests of thousands of auction professionals, who among other assets are collectively responsible for annual real estate sales worth hundreds of billions of dollars.
Joff van Reenen, Founder and CEO of The Chant Laboratory as well as a Founding Partner and Lead Auctioneer of High Street Auctions, was sworn in to a three-year term on the Board of the US-headquartered National Auctioneers Association (NAA) at its annual conference in San Diego.
And as NAA Director, Van Reenen intends to focus on empowerment in emerging economies, as well as global real estate auction education to keep the industry ahead of technology advancements that will within a decade see virtual reality metaverse auction floors become the norm.
“Property is a massive driver of the world’s economy. But what isn’t as widely recognised is that real estate is also its greatest store of wealth, and auctions are integral to powering growth in this asset class.
“A study by Savills estimated the global value of real estate to be $326.5 trillion at the end of 2020, which at the time made it more valuable than all global equities and debt securities combined, and almost four times greater than global GDP.
“To put this in perspective, the total worth of all gold extracted in the world before 2020 amounts to less than $13 trillion – or 4% of the value of global real estate investments.”
Van Reenen, a specialist real estate auctioneer for more than 20 years, says property also underpins SA’s economy. He cites a 2021 SA Housing Market Report noting that 7.5m properties are listed in the national Deeds Registry. Of that total, 6.7m properties are residential. The report noted a value of R5.96 trillion in June 2021 for residential property; 71% of the total value of SA real estate investments.
“Last year, revenue generated through worldwide property transactions was a massive US$3.5 trillion, according to Vantage Market Research.
“Auctioneers contribute hundreds of billions – if not more – to that annual revenue stream. Their integral role in driving economic growth makes it crucial for all real estate auctioneers to be aligned with national and international industry associations.
“These associations provide educational programming, resources and networks to set professional standards, as well as enforce strict codes of conduct. “Real estate auctioneers, in particular, increasingly need these support structures to understand the technological advancements that continue to revolutionise the industry.”
Van Reenen says the NAA’s membership currently comprises several thousand real estate auctioneers based in nine countries, but while their nationalities may span wide political, religious and cultural spectrums, “all members are united in their desire to advance professional standards”.
“I am honoured to have been elected to the Board of such an iconic global organisation; one that at its core places immense value on diversity and inclusion. “During my tenure I intend to drive the agenda for trade inclusivity in emerging economies through membership of the NAA and its Education Institute.
“Technology has made us a global village, which means greater opportunities than ever before to share resources. Transformation is crucial if we’re to create a robust and inclusive industry.”
South Africa’s Services Sector Education & Training Authority’s (SSETA) Real Estate, Property Management & Auctioneering Services’ Chamber Manager, Thembinkosi Mosia, is extremely upbeat about Van Reenen’s election and vision: “As the SSETA we truly believe his appointment will heighten his involvement, both from a business and a development point of view. We also have confidence he will realise our desire to forge international relationships, strengthen reciprocal agreements and align practice standards and governance.”
NAA President Sherman Hostetter Jr, in is agreement that expanding the association’s global membership is a priority. “The NAA provides members with extensive education and training opportunities, as well as other advancement resources.
“These are important to the auction industry the world over, but crucial in emerging economies where professional skills development can advance not just individuals but entire communities. The vibrant auction industry in SA will be a particular focus area for the Association in the coming years.”
Van Reenen’s appointment, along with Hostetter’s comments, have been welcomed by John Cowing, Chairman of the South African Institute of Auctioneers (SAIA), the only official professional industry body in the country.
“Joff’s impeccable ethics, unceasing professionalism, deep passion and vast auction knowledge make him a leading light in the global auction industry and indisputably a most suitable Director to represent NAA members’ interests.
“SAIA was founded in 1989 to provide a clear set of industry standards that promote the ethical practice of auctioneering. We believe our vision is aligned with that of the NAA and as such we welcome the opportunity to become more involved in the international industry network in future.
“From real estate to mining equipment, livestock to automotives, real estate auctioneers contribute massively to GDP across just about every area of the SA economy, yet the industry is still undervalued by many in the public and private sectors.
“Raising our profile in the international community will no doubt reinforce the auction industry’s value proposition across the broader South African business landscape as well.”
The final word on Van Reenen’s appointment comes from James Dall, Managing Director of High Street Auctions: “We are extremely proud of our Lead Auctioneer for having been elected to the NAA Board. Joff as one of High Street’s founding partners has distinguished himself once again in the international auction industry.”
