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Auction property sales offer a host of benefits

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There are many advantages to selling property on auction, says Park Village Auctions property specialist Jaco du Toit.

He lists the following benefits in property disposals via the auction route:

* Quick turnaround time: Sellers do not have to wait indefinitely for offers after countless show days. The process is further streamlined as suspensive conditions, such as bond finance, do not apply at auctions.

* Cash in hand: More people are turning to auctions to unlock cash quickly by disposing of unwanted assets. The proceeds are received in a very short time to boost liquidity.

* Greater reach: Online bidding brings more bidders to the auction with anyone in the world able to participate in real-time. “PVA has experienced increasing response from international investors at our property sales,” Du Toit says.

* Comprehensive marketing: Auction houses such as PVA have a comprehensive database for the marketing of assets.

“Pamphlets, online mailers, newsletters, websites and outdoor banners are all marketing tools used to great effect,” he says.

* Buyers come prepared to buy: Bidders typically attend auctions intending to purchase, and ensure they have the funds to do so.

“This is particularly advantageous in real estate auctions as buyers have to pay a deposit to bid which goes a long way toward weeding out those who aren’t serious about buying.”

* No haggling: Bidders know they know they are committing to buy the asset they are competing for.

They know, as well, that they must have a deposit available.

* Bidding wars: While auctions typically deliver fair market value, the price of an asset occasionally gets driven up still higher by people caught up in the competitiveness of auction fever.

Call PVA on 0117894375 or see www.parkvillageauctions.co.za for news about the company’s next property sale. 

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