Benefits for buyers
- Sellers are serious – properties/businesses that are up for auction are there to be sold, not to test the market
- Inspect the property /business– you can view by arrangement with the Auctioneer prior to the auction or during the viewing period on the day of the auction
- You decide – you know what you are prepared to pay and can decide when to stop bidding
- Terms and conditions are transparent – the entire process takes place in a public environment
- The true value of the property is realised – at an auction, you are likely to pay a realistic market price – or even acquire a bargain
- The process is fast – if yours is the winning bid, you will know within two (2) working days, whether the Seller has accepted your offer – the property is yours immediately transfer has been processed through the Deeds Office by the conveyance
Benefits for sellers
- The process is fast – once the Auctioneer is commissioned to do the job, the auction generally takes place within thirty (30) days
- Auctions attract qualified buyers – the people at auctions have the means and the desire to purchase the property/business
- Auctions create urgency – a time is set for the auction and buyers compete to win the bid
- Terms and conditions are transparent – the entire process takes place in a public environment
- Your interests are protected – you specify your reserve price
- The true value of the property/business is realised – interested bidders compete with each other, often resulting in a sale that exceeds your expectations
- The auction process is conclusive – once the hammer falls, you have two (2) working days (the Confirmation Period) in which to accept the offer, after which the deal is done with the winning bidder
- The final bid amount is the amount you, as the Seller, will get – the winning bidder pays the Auctioneer’s fee, which is 10% over-and-above the final bid amount plus VAT
- Auctions allow you to realise profit on an investment – this way you can move to a larger, or smaller property, make a lifestyle change, or realise the cash flow you need for other business priorities
Thinking of buying on
auction?
Discover the real benefits of buying a
business on auction.
Thinking of selling on
auction?
Discover the real benefits of selling your
business on auction.