Monday, October 22

Billions of rands of property sales endorse bidding route

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Auctions provide the most effective way of securing a result for property sellers in the shortest possible time.

Employing auctions to sell real estate is becoming increasingly popular in South Africa – and not without reason, says Hein Hattingh, managing director of auction house In2Assets, which is gearing up for its next major property sale in Durban next month.

Hattingh says auctions provide the most effective way of securing a result for property sellers in the shortest possible time. The company has sold property worth over R15billion in the past 15years.

“There are no price tags attached to the assets, which creates a competitive environment whereby interested parties have to compete with one another to acquire the property on offer.

“It is not unusual for a property to sell well above the reserve at an auction – particularly when and where properties are in high demand. The marketing campaign is short, effective but intense and targeted, giving the highest exposure to the market and creating a deadline for buyers. From putting a property on auction to sale takes four to five weeks.

“The increased exposure a property receives in leading auction houses’ powerful marketing and advertising campaigns ensures that as many prospective buyers as possible are reached and made aware of the merits of a specific property. Also, when selling on auction, the sale is immediate and, most importantly, it is also unconditional. The buyer cannot pull out of the contract and the property is sold on the seller’s terms. The entire process provides greater peace of mind for all involved.”

Hattingh says In2Assets’ property auctions are conducted at the property up for auction, or as part of the company’s multi-property combined auctions held in various cities and provinces around South Africa.

* In2Assets’ next large-scaled KZN property auction will be held on May16 at the Durban Country Club when a variety of commercial, industrial and residential properties will be on offer.

The company will also stage an on-site sale of five Nottingham Road crop farms on May 30; on April 24 at 11am at a sale in Sandton, it will call for bids for RCI timeshare resort Gethlane Lodge, near Burgersfort in Mpumalanga.

For more details, call 0861444769 or email info@in2assets.com or see www.in2assets.com.

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