Pam Golding Properties has added another digital string to its bow with the launch of a new in-house division, Pam Golding Auctions, powered by BidX1.
Says Dr Andrew Golding, chief executive of the Pam Golding Property group: “This new online auction initiative provides sellers with an additional, highly effective channel to market their homes to serious buyers.
“Pam Golding Properties forged a relationship with BidX1 early in 2019 by launching this innovative online auction platform into the South African market, thereby leading the evolution of auctions as a credible sales channel for both sellers and buyers alike. This partnership has now been further entrenched through the launch of Pam Golding Auctions – powered by BidX1.”
BidX1 is recognised as one of the world’s leading and most innovative online property trading platforms, and was recognised as the Best Proptech innovation in Ireland in 2019, while also having recently achieved official Microsoft partner status.
Says Dr Golding: “A trend which has become increasingly evident during lockdown and which is expected to continue in a post-Covid environment is that both sellers and buyers are realising the ease and success of the online trading space.
“Via Pam Golding Auctions, buyers now have additional and easy access to our properties which are ‘priced to sell on the day’. For sellers, this means one can list and sell one’s property online at an exact point in time – at no additional cost and without any suspensive conditions, tantamount to a cash offer, and of course, still serviced by a Pam Golding Properties agent, with buyer viewings as per usual.
“These properties will enjoy increased exposure to buyers via an online presence on both Pam Golding Auctions and BidX1 portals, as well as dedicated digital marketing campaigns. All buyer registrations and transactions will be managed by the BidX1 SA team, with their sophisticated and integrated technologies ensuring secure and transparent transactions.”
All bidders are vetted pre-auction and the sale is immediate, with no suspensive conditions, other than the seller’s acceptance. The bidding process, which creates a platform of competition between buyers, provides an accurate indication of the maximum market value of a property in real time in terms of the maximum price that buyers are prepared to bid the property up to on the day of the auction.
Adds Dr Golding: “Online auctions work well for properties across the board, but are especially suited to so-called ‘stuck stock’ in the instance that a property needs renewed marketing energy and buyer interest, or instances where an urgent sale is required by sellers, as well as unique properties where the auction creates a powerful platform for competition among buyers.
“Buyers benefit from the convenience of a seamless, online platform which is accessible any time, anywhere and on any device. Furthermore, properties are priced to sell and therefore represent exceptional value, while they are also offered by committed sellers, who are very receptive to competitive offers. Conducted on a fully transparent and secure platform, but with anonymity for buyers, transactions are concluded immediately on the day, with a 2% buyer’s fee (payable by the buyer), plus a standard seller’s fee (payable by the seller). This compares favourably with the advertised industry average of 10%. All the necessary information and documentation is available online for each property, and offers can be made prior to auction, subject to seller acceptance.”
Headed by Tania Smit, Pam Golding Auctions’ first on-line auction, powered by BidX1, takes place on 22 October, 2020. This inaugural catalogue features 16 properties across the pricing spectrum and covering both investment and lifestyle aspirations.