Billions of rand of property sales endorse auction route
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 there is no longer any doubt that auctions provide the most effective way of securing a result for property sellers in the shortest possible time. The company has sold over R15billion worth of property over the past 15 years.
“With auctions, 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.
“In fact, it is not unusual for a property to sell well above the reserve at an auction – particularly in situations and locations where properties are in high demand.
“The auction marketing campaign is short, effective but intense and targeted, giving the highest exposure to the market and creating a deadline for buyers. Generally, a result from putting property on auction is ensured within a period of four to five weeks,” Hattingh says.
“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. The sale is immediate and 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 on-site (at the property up for auction) or as part of the company’s major multi-property combined auctions held in various cities and different venues and provinces around South Africa.
* In2Assets’ next large-scaled multi-property auction in KwaZulu-Natal will be held on May 16 at Durban Country Club when a variety of commercial, industrial and residential KZN properties will be on offer. The company will also hold an on-site sale of five Nottingham Road crop farms on May 30.
For more details, call 0861444769 or email email@example.com or see www.in2assets.com.